Fannie Mae and Freddie Mac have long provided a secure secondary market for multifamily housing finance. Now, though, there is a growing consensus that it is time to downsize the government's significant involvement in the market. Bills have been introduced in both the U.S. House of Representatives and the Senate to wind down the government-sponsored enterprises (GSEs) over a five-year period and reduce the direct government role in the conventional mortgage markets. But advocates for multifamily financing say that such markets have performed well for years and they should not be disrupted during the restructuring period.
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