Senate bill to end Fannie Mae, Freddie Mac would save $60 billion
- September 8, 2014
Washington Examiner, By Joseph Lawler
A bipartisan Senate bill to unwind the government-sponsored enterprises Fannie Mae and Freddie Mac would save the government nearly $60 billion over 10 years, according to Congress’ official budget scorekeeper.
The Congressional Budget Office on Friday released an estimate of a bill that cleared the Senate Banking Committee in May but has failed to gain traction in the upper chamber.
Originally authored by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., the measure would phase out the two bailed-out mortgage businesses Fannie and Freddie and replace them with a system of private insurance for mortgage securities with a government backstop that would kick in after private investors suffered losses.
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