Withdrawing government support for District-based Fannie Mae and McLean-based Freddie Mac could have massive effects for minority financial professionals in the Washington region.
Both the mortgage finance giants are not only the two of the largest employers in the area, with a total of ten thousand workers, but also many of those positions are held by people of color.
Late last week the Obama Administration did exactly what it does often when it's about to announce something debatable, It leaks a part of it to the news media to lessen the impact. And so it was with white paper, which is the highly-anticipated, and overdue, on reforming Fannie Mae and Freddie Mac. The paper will likely to come out by the end of this week.
Fannie Mae and Freddie Mac are in discussions, regarding mortgage services with US title insurers, if they happen to face any legal hurdles, while foreclosing homes. The two bodies, Fannie Mae (FNMA. OB) and Freddie Mac (FMCC. OB) have combined guarantees, amounting to $11 trillion in the form of mortgages, across the United States.
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