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This report demonstrates that a significant proportion of prospective homeowners remains underserved by the mortgage finance industry. The report reviews and evaluates the framework of housing goals that has been established by Fannie Mae and Freddie Mac. It finds that the housing goals represent a promising approach to focusing their resources on the mortgage credit needs of homebuyers. Such a programmatic emphasis by these enterprises represents an appropriate exchange for the benefits that they receive through their ties with the Federal government.
Discusses options for restructuring Fannie Mae and Freddie Mac. On Sept. 6, 2008, both enterprises were placed in conservatorship out of concern that their deteriorating financial condition and potential default on $5.4 trillion in financial obligations threatened the stability of financial markets. This testimony: (1) summarizes the enterprises' performance in achieving key housing mission objectives; (2) identifies various options for revising the enterprises' long-term structures; (3) analyzes these options in terms of their potential capacity to achieve key housing mission and safety objectives; and (4) discusses how the fed. gov¿ts. mgmt. of the conservatorships and response to the housing crisis could affect any transition. Illus.