U.S. bill would reorganize Fannie/Freddie

WASHINGTON – July 8, 2011 – The National Association of Realtors® (NAR) announced support yesterday for plan to reorganize the secondary mortgage market, which includes Fannie Mae and Freddie Mac. The secondary market buys loans originated by local lenders, which frees cash for the local lenders and allows them to make more mortgage loans.

“An efficient and affordable restructured mortgage finance system (including Fannie Mae and Freddie Mac) is in the best interest of taxpayers,” says NAR President Ron Phipps. “And to accomplish that, Congress must enact comprehensive housing finance reform legislation.”

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