The two mortgage giants collapsed as the housing sector deteriorated five years ago, and their rescues have cost taxpayers $131 billion so far. They were taken over by the U.S. Treasury in 2008, and the FHFA was tasked with conserving the firms' assets until Congress and the White House decided what to do with them.
Until now, few steps have been taken toward any overhaul. Fannie and Freddie, together with federal agencies, are responsible today for backing nearly nine of 10 new mortgages, with taxpayers on the hook if those loans default.
Regulator Directs Fannie, Freddie to Merge Some Operations - WSJ.com
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