{"id":5772,"date":"2014-03-11T17:46:36","date_gmt":"2014-03-11T23:46:36","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=5772"},"modified":"2014-03-11T17:46:37","modified_gmt":"2014-03-11T23:46:37","slug":"two-senators-draft-plan-to-phase-out-freddie-mac-and-fannie-mae","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=5772","title":{"rendered":"Two senators draft plan to phase out Freddie Mac and Fannie Mae"},"content":{"rendered":"<p><A href=\"http:\/\/nyti.ms\/1ep4QM2\">Reuters<\/a>: <\/p>\n<blockquote><p>\u201cThis is another step toward reform, but we are still years away from having either the legislative capacity or market willingness to embrace a new mortgage finance system,\u201d said Isaac Boltansky, a policy analyst with Compass Point Research and Trading. <br \/>&nbsp;<br \/>&nbsp;Under the proposal, Fannie Mae and Freddie Mac would be wound down and replaced with a new government reinsurer called the Federal Mortgage Insurance Corporation, which would provide assistance only after private creditors had taken a hit. The entity would be financed by fees on lenders who want the government backstop. <br \/>&nbsp;<br \/>&nbsp;Included in the outline is a mandate that strong underwriting standards be built into the new system. It would also require a 5 percent down payment for all but first-time buyers, although that requirement would be phased in. Some consumer and housing advocates worry that a system with rigid down payments will prevent less affluent Americans from accessing credit even if a limited government role is retained<\/p><\/blockquote>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters: \u201cThis is another step toward reform, but we are still years away from having either the legislative capacity or market willingness to embrace a new mortgage finance system,\u201d said Isaac Boltansky, a policy analyst with Compass Point Research and Trading. &nbsp;&nbsp;Under the proposal, Fannie Mae and Freddie Mac would be wound down and replaced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5772"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5772"}],"version-history":[{"count":1,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5772\/revisions"}],"predecessor-version":[{"id":5773,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5772\/revisions\/5773"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}