File under ... "Lessons Not Learned"
I think it's high time to get rid of the Fed.
(Reuters) - The U.S. government-run mortgage finance firms Fannie Mae and Freddie Mac could play a bigger role in turning around the battered U.S. housing market, the Federal Reserve told Congress, a call that looks set to run into stiff political opposition.
The Fed, in a paper sent to lawmakers on Wednesday, outlined an array of steps that could be taken to help the housing sector, including allowing Fannie and Freddie to provide cheaper mortgages to a broader pool of homeowners.
The two companies, the biggest sources of U.S. mortgage funding, were seized by the government in 2008 when they were on the brink of collapse. They have been propped up by $169 billion in taxpayer aid since then, making them a target of many on Capitol Hill.
Even the Obama administration, in a trio of alternatives laid out early last year to reform the U.S. mortgage finance system, supported reducing the government's role in housing finance.
Watching the interviews with the occupiers makes Logan's statement seem so accurate.
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