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Obama aims for sharp drop in government-backed mortgages

Published: Friday, 4 Feb 2011

WASHINGTON – The Obama administration has plans to reduce the role of government backed mortgages, including Fannie Mae and Freddie Mac to less than 50 percent of the market from a dominant role today, CNBC reported on Friday.

Treasury spokesman Steven Adamske said he could not confirm that figure, though he said the administration does consider the government’s current role in housing to be too high.

“We are looking at how to transition from a government having too big a footprint in the marketplace to one that has the private sector playing the dominant role” in the mortgage market, Adamske said in response to a question about the CNBC report.

Copyright 2011 Reuters.




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