End Of Fannie Mae, Freddie Mac Will Affect Minorities
The Obama administration is proposing the gradual phasing out of federal mortgage giants, Fannie Mae and Freddie Mac. More than 90 percent of loans in the mortgage market currently flow through the two corporations. The proposals were detailed in a white paper released last week and coincided with a new study showing huge racial disparities in mortgage lending since 2004. To understand the implications for minority borrowers, host Michel Martin speaks with Barry Zigas, housing policy director of the Consumer Federation of America and William Michael Cunningham, of investment firm, Creative Investment Research.