Noted Leader Says Government Sponsored Enterprises Have "Transformed the American Mortgage"

The increase in homeownership rates and rise in the cost of housing means the country will need nearly $1 trillion more each year over the next decade to fund new mortgages. Jim Miller, the former Federal Trade Commission chairman and Office of Management and Budget director under the Reagan Administration, argues that Freddie Mac and Fannie Mae are the organizations that can help make this funding possible.

In an editorial [PDF 36K ] in The Washington Times Miller states that Freddie Mac and Fannie Mae provide “very large benefits to homeowners, investors, and the global economy” and are the engine that will ensure that funds are available for America’s growing population to achieve the dream of homeownership.