Summary Box: Executives say Obama officials needs to play large role in mortgage market
By APTuesday, August 17, 2010
Summary Box: Execs say gov’t must back mortgages
GOVERNMENT ROLE: Banking executives overwhelmingly told the Obama administration Tuesday that the government should maintain a large role in the $11 trillion mortgage market.
PULLOUT FEARS: If the government pulled out, executives said, millions of Americans would have to pay higher mortgage rates. That could deter many from buying homes.
END TO FANNIE AND FREDDIE: Most agree the time has come to do away with Fannie Mae and Freddie Mac. Rescuing the two mortgage giants has cost the government nearly $150 billion so far.
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