Obama Proposes Nixing Fannie Mae, Freddie Mac

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President Obama wants to end government-backed mortgages by shutting down the nation's largest mortgage holders, Fannie Mae and Freddie Mac.

In a speech Tuesday in Phoenix, the president will call for phasing out the two entities over time.

The government spent $187 billion to bail out the mortgage giants five years ago to stem the fallout from the 2008 financial collapse.

Fannie Mae and Freddie Mac own or secure more than half of all mortgages in the United States.

The new plan will call for backing mortgage securities with private funds.

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