House GOP Plans Phase Out of Fannie, Freddie

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Republican lawmakers in the U.S. House of Representatives on Tuesday plan to chip away at Fannie Mae and Freddie Mac.

GOP lawmakers will introduce eight bills aimed at slowly pushing the mortgage giants out of business. They want to show voters their desire to shrink government and protect taxpayers.

They blame Fannie and Freddie for contributing to the housing meltdown. The two companies backed about nine in 10 mortgages last year.

Rep. Jeb Hensarling, R-Texas, a member of the House GOP leadership, introduced a wide-ranging bill earlier this month that would end the government's ownership of Fannie and Freddie in two years. They would either be phased out completely or become fully private companies within three years after that.

The Obama administration also favors phasing out the two mortgage giants. It has presented lawmakers with three options for doing so with differing, ongoing roles for the government.

The housing collapse nearly brought both of the companies down in 2008, leading to a government takeover that has cost taxpayers $150 billion.

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