Fannie & Freddie to Merge Some Operations

When a company purchases another company, the buyer typically will combine some divisions to make the new enterprise run more smoothly and efficiently. That’s a possibility for Fannie Mae and Freddie Mac, according to a recent report in the Wall Street Journal.

The Federal Housing Finance Agency’s acting director, Edward DeMarco said the agency plans to create a company that will merge some “back-office” functions that are currently duplicated at Fannie and Freddie. A new CEO and board of directors will serve at the new company, which Fannie and Freddie would own together. DeMarco made the announcement during a speech he gave to the National Association of Business Economics.

The newly created company might become a private entity or be kept within the United States government, as determined by the White House and Congress during their upcoming work to overhaul the mortgage market.

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