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Help the Fed Get Out of the Mortgage Business

American Banker

Jeremiah S. Buckley

In 2008, when our nation's housing finance system imploded, the Federal Reserve was forced to step in as "lender of last resort" to America's homeowners. Five years later, the Fed remains the principal source of funding for home mortgages, buying mortgage backed bonds issued by Fannie Mae and Freddie Mac (both now in conservatorship) and in the process adding trillions of dollars in mortgage securities to the central bank's balance sheet.

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