WASHINGTON — House Financial Services Committee Chairman Spencer Bachus urged credit union advocates to lobby members of Congress, especially in the Sentate, to lessen the impact of the Federal Reserve's proposal on debit interchange.
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.
Fannie Mae and Freddie Mac should eventually be abolished and the government should cut back its role in the housing market while financial institutions should hold more capital.
A top Obama administration official wouldn't spell out its plans for reforming Fannie Mae and Freddie Mac but said the goals of any program will be to ensure available mortgage credit,
There will likely be another round of place holding and finger pointing on Capitol Hill on Sept. 15 when a House Financial Services Subcommittee opens a hearing on Fannie Mae and Freddie Mac.