As expected, President Barack Obama said this week that he would wind down Fannie Mae and Freddie Mac and replace them with a privatized system in a speech that also voiced support for the Corker-Warner Senate bill that would do the same.
Speaking Tuesday at a construction company in Phoenix, Obama laid out his four core principles for housing finance system reform, with his first objective being to limit the government's role and allow private capital to take a bigger role in the market.
He made a passing reference to credit unions when he said that “private lending should be the backbone of the housing market, including community-based lenders who view their borrowers not as a number, but as a neighbor.”
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