Many predict calamity for the housing markets without them. Federal Reserve data tell a different story. As Congress prepares to debate how to replace Fannie Mae and Freddie Mac, those in politics and real estate who support a government-backed housing finance system are predicting calamity. Institutional investors, they say, will not buy U.S. mortgages or mortgage-backed securities unless they are guaranteed by the government.
The numbers tell a different story.