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Uncertain Future For Fannie And Freddie

The Fannie Mae headquarters is seen in Washington, Monday, Aug. 8, 2011. (Manuel Balce Ceneta/AP)
The Fannie Mae headquarters is seen in Washington, Monday, Aug. 8, 2011. (Manuel Balce Ceneta/AP)

For the first time since the big housing crash five years ago, it appears that some lawmakers are getting serious about replacing the mortgage giants Fannie Mae and Freddie Mac.

Fannie and Freddie back most of the mortgages in the country. Now, two prominent senators — one a Democrat and one a Republican — have a proposal to phase them out.

NPR’s Chris Arnold explains what this could mean for the future of the housing finance system.

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