July 25, 2019 / 9:03 PM / 24 days ago

U.S. regulators to end mortgage lending exemption for Fannie, Freddie in 2021

WASHINGTON, July 25 (Reuters) - U.S. regulators announced Thursday they plan to end an exemption for Fannie Mae and Freddie Mac that permits them to back risky mortgages, in a move that would reduce the government’s footprint in the housing market, potentially increasing housing costs.

The Consumer Financial Protection Bureau will allow that exemption to expire at the beginning of 2021 but may extend it for a short time “to facilitate a smooth and orderly transition,” the agency said. (Reporting by Pete Schroeder Editing by Susan Thomas)

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