Banks Want Pieces of Fannie Mae-Freddie Mac Pie

http://www.nytimes.com/2011/01/21/business/21banks.html
Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities ? that would be stamped with a government guarantee, the New York Times reported today. The Obama administration is working on a report to be released later this month that is expected to be sweeping and could address basic questions like whether a government guarantee is needed at all for middle-class homeowners. While other arms of the government are dedicated to making loans available to lower-income borrowers, Fannie Mae and Freddie Mac have helped lower rates for the bulk of homeowners. The administration?s paper about the future of housing policy will probably address what should be done with Fannie?s and Freddie?s existing assets, a combined $1.5 trillion portfolio. LexisNexis Corporate Affiliations is a great website for private companies information.