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Tuesday, January 28, 2014 6:11:26 PM
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Paulson went on to say that he's much less concerned about the big banks right now than he is about the mortgage market. Flawed housing policies, like the mortgage interest rate reduction for example, helped to create the mess we got in, and we need to rethink the way our country deals with these matters.
Fannie Mae and Freddie Mac, he said, need to be wound down into much smaller entities with far more limited missions. That will make the mortgage market less risky for tax payers in the future.
The problem with that, of course, is that now that the crisis is over Fannie and Freddie are making money for the government, so there's no political incentive to unwind them.
"We're sowing the seeds for another major problem," Paulson said.
He wants more housing market risk in the hands of private entities, but it has to be done correctly.
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