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Lenders, Treasury See Possible 'Utility' Role for Fannie, Freddie.(Special Report)
Washington-Declaring that the secondary mortgage market is '"broken," the Mortgage Bankers Association has formed a working group to explore what lies ahead for the industry in regard to Fannie Mae, Freddie Mac and related issues.
MBA's effort comes in the wake of departing Treasury Secretary Henry Paulson giving his views last week on what should be done with Fannie and Freddie which are currently operating under federal conservatorships.
The MBA is calling its group 'The Council on Ensuring Mortgage Liquidity' which includes residential, multifamily, and commercial executives.
The trade group says the Council's mission "is to look beyond the current crisis, to what a functioning market should look like for the long-term."
It issued a working paper that notes: "If investors or other market participants are not accountable for the risks they take on, they are prone to act irresponsibly."
Speaking before the Economic Club of Washington last week, Mr. Paulson did not endorse an idea for Fannie and Freddie, but suggested a 'public utility' ...
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