Here's an interesting argument that is in favor of keeping the government-sponsored enterprises around for some time: Fannie Mae and Freddie Mac help keep mortgage costs low.

Private lending would essential need to charge a higher rate for providing credit that is not under conservatorship status.

GSE reform is still years away, but it's never to early for experts to speculate.

From the article in USA Today:

"It will mean higher mortgage rates," said Mark Zandi, chief economist at Moody's Analytics. "The question is how much higher."

Typical borrowers could pay about $75 per month in extra interest payments, about half a percentage point, on an average mortgage under the Senate proposal, Zandi estimated, and about $135 more under the House plan. That's on a conforming loan of about $200,000 with the borrower providing a 20 percent down payment.

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