Plans To Wind Down Fannie Mae, Freddie Mac Brew In Congress

After five years in government hands, the mortgage buyers Fannie Mae and Freddie Mac are facing major changes in Congress.

Lawmakers in both the Senate and House want to wind down the two government-sponsored enterprises that failed in fall 2008, almost dragging the economy down with them before being bailed out with almost $200 billion in taxpayer funds.

Any attempted changes to their status would face fierce lobbying by banks and other companies in the mortgage industry, and will face a tricky path through a Congress that is divided on the role of the government in housing finance. But there are signs that lawmakers are getting serious about trying to address the issue.
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