Averting another mortgage crisis

Averting another mortgage crisis: "THE DODD-FRANK financial overhaul law required the Obama administration to produce a plan by no later than Jan. 31 for reforming the nation's mortgage finance system, which is dominated by the crippled government-sponsored enterprises (GSEs) known as Fannie Mae and Freddie Mac. Fannie and Freddie, currently operating under direct federal control, back about 90 percent of all new U.S. mortgages, but their taxpayer-covered losses have hit $150 billion - and are rising. Their combined debt, guaranteed by taxpayers and held in large part by China and Japan, is more than $1.5 trillion. But the administration still hasn't come out with anything, though we're told it's forthcoming."

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