A professor of law at Brooklyn Law School argued that credit unions should back the privatization of Fannie Mae and Freddie Mac, provided they can also ensure they get the same access to a privatized secondary mortgage market that banks would get.
The professor, David Reiss, laid out his reasoning in "Fannie Mae and Freddie Mac: Implications for Credit Unions," a research paper underwritten and published by the Filene Research Institute.
Reiss acknowledged that the easiest approach to the two now-government-owned housing giants would be to leave them more or less alone except for some reforms that would seek to uncover and address what went wrong. The benefits of backing the status quo, he says, seem obvious.
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