Should Fannie Mae and Freddie Mac be shrinking or expanding their activities?
Fannie Mae and Freddie Mac will soon “celebrate” their 10th anniversary of being in government conservatorship. They are under the total control of the Federal Housing Finance Agency, have virtually zero capital, and are utterly dependent on the guaranty of the US Treasury, which is the de facto owner.
Should they be shrinking their activities or expanding them? How can private companies compete with their infinite leverage, broad regulatory exclusions and benefits, and government backing? What kind of regulatory approvals should be required before Fannie and Freddie exploit these powers in new lines of business? Can a future capital regime address the market distortions Fannie and Freddie otherwise create? These and related issues will be debated by a panel of experts in real estate finance.
Agenda
1:45 PM
Registration
2:00 PM
Welcome:
Edward J. Pinto, AEI
Introduction:
Alex J. Pollock, R Street Institute
2:05 PM
Panel discussion
Participants:
Ed DeMarco, Housing Policy Council
Mike Fratantoni, Mortgage Bankers Association
Tom LaMalfa, independent mortgage consultant
Norbert Michel, Heritage Foundation
Edward J. Pinto, AEI
Mike Stegman, Milken Institute
Moderator:
Alex Pollock, R Street Institute
3:30 PM
Q&A
4:00 PM
Adjournment
