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The Federal Housing Finance Agency, the federal regulator and conservator of government-owned mortgage giants Fannie Mae and Freddie Mac, has delivered a strategic plan for the two that envisions them moving smaller and less relevant to the secondary mortgage market moving forward.

“With the conservatorships operating for more than three years and no near-term resolution in sight, it is time to update and extend the goals and directions of the conservatorships,” wrote FHFA acting directors Edward DeMarco in a Feb. 21 letter accompanying the plan. “FHFA is contemplating next steps to build an infrastructure for the secondary mortgage market that is consistent with existing policy proposals and will support any outcome of the leading legislative proposals. FHFA looks forward to working with Congress and the Administration on a resolution of the conservatorships and a comprehensive review of the nation’s housing finance system.”

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