Today Fannie and its smaller sibling, Freddie Mac, hold a pivotal place in the home loan market - one that has grown to include special advantages, such as: Their privileged status is that of government-sponsored Fortune 500 companies, powered by a vast political machine. “Fannie and Freddie have probably had more influence than any set of institutions in modern times,” said former Rep. James Leach. As the former chairman of the House Financial Services Committee, Leach tried for years to hold Fannie and Freddie to tougher financial standards. “You’d have people in Congress that would make it very clear that they wanted nothing to touch Fannie and Freddie,” Leach said. CBS News has learned Fannie and Freddie now boast nearly 150 lobbyists - spending more than $5 million this year alone. More
Sphere: Related Content
-
Categories
-
Archives