Obama to back wind down of GSEs

|By:, SA News Editor

The President today will throw his support behind a congressional plan to wind down Fannie Mae (FNMA.OB -14%) and Freddie Mac (FMCC.OB -13.4%) over time (along with their implicit government guarantee), letting instead a private market grow to buy securitized loans from lenders.

One condition will be a guarantee of continued access to 30-year mortgages for borrowers, something House Republicans are willing to leave up to the markets.