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Volume 14 - Number 9

May 2, 2014

Freddie CEO: GSE Reform Bill Must Work to Avoid Employee Exodus

The Senate’s GSE reform proposal in its current form would create an extremely high risk for Freddie Mac’s core policy functions during the bill’s proposed five-year wind down of the company, Freddie’s chief executive warned. In a confidential memo to Federal Housing Finance Agency Director Mel Watt that was leaked to the media, Freddie CEO Donald Layton said that the housing finance reform legislation by Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, fails to state clearly that the GSEs’ core policy function must be maintained and such an omission would create potentially crippling uncertainty among staffers during the transition.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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