WASHINGTON — Overhauling, not eliminating, Fannie Mae and Freddie Mac will be the top priorities of Congress' reform efforts next year, Rep. Paul Kanjorski (D-Pa.) told attendees.
Kanjorski, who chairs the subcommittee that oversees Fannie and Freddie, said Congress will begin writing legislation early next year. The changes should be done "with a scalpel," so as to cause them a minimum amount of pain.
He told reporters following his talk that it would be irresponsible, as some Republicans have suggested, to eliminate Fannie and Freddie altogether because liquidating them would cost several billion dollars and deprive credit unions and other financial institutions of a much-needed secondary market. This would decrease consumers' access to mortgages.
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