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    Default Six options seen for Fannie, Freddie

    Fannie Mae and Freddie Mac are likely to remain in government conservatorship until at least next year, the Obama administration indicated today in unveiling a sweeping plan to overhaul the financial regulatory system.

    The mortgage giants' "continued stability and strength" is needed during "these difficult financial times," the administration said in a report outlining proposed changes to the regulatory system.

    The proposed changes, which will require congressional approval, would include a new financial services oversight council to identify emerging systemic risks and a new national bank supervisor to oversee all federally chartered banks.

    In addition, the plan would eliminate the federal thrift charter and other loopholes that the administration says allowed some depository institutions to avoid bank holding-company regulation by the Federal Reserve.

    The plan would also give the Federal Reserve new authority to supervise all firms that might pose a threat to financial stability -- even non-banks -- and require hedge funds and other private pools of capital to register with the Securities and Exchange Commission. Stronger capital standards would also be imposed on all financial firms.

    In introducing its proposal to overhaul the financial regulatory system, the Obama administration said it won't issue recommendations on the future of Fannie Mae and Freddie Mac until next year.

    The Treasury Department and the Department of Housing and Urban Development (HUD) will seek input from the public and other government agencies and report back to Congress next year with recommendations on the future of Fannie, Freddie, and the Federal Home Loan Bank system, collectively known as the government-sponsored entities, or GSEs. The report is expected to be released when the administration issues its 2011 budget proposal next spring.

    The Obama administration has identified at least six options for Fannie and Freddie:

    Read more ...

    Jenny


 

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