Fannie and Freddie Should Be Eliminated in their Current Form, Says Barney Frank

Rep. Barney Frank (D-Ma.), champion of financial regulation and former proponent of GSEs, said Friday Fannie Mae (FNM) and Freddie Mae (FRE) should be eliminated in their current form.

According to CNBC.com, a senior congressional staff person said that the congressman has said in the past that “the current structure of Fannie and Freddie cannot exist and we cannot go back to the private entity with public responsibilities”.

The White House has said it plans to release a proposal for what to do with the firms later this year.

The two GSEs were placed under government control to avoid collapse in the fall of 2008.

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