Lawmakers have three options for getting Fannie Mae and Freddie Mac out of conservatorship: nationalize the companies, retain their public-private status with increased oversight, or sell them off to private investors. That's according to James Lockhart, who was appointed by former President George Bush in 2006 to head the regulatory agency that oversees Fannie and Freddie. Lockhart continues as head of the Federal Housing Finance Agency -- the successor to the Office of Federal Housing Enterprise Oversight, or OFHEO -- which was given considerably more power to oversee Fannie and Freddie in July 2008. That's when Bush signed the Housing and Economic Recovery Act of 2008, the legislation that paved the way for the government to provide billions in assistance to Fannie and Freddie and place the companies in conservatorship. With Fannie and Freddie purchasing or guaranteeing about three in four mortgages originated in the last three months of 2008, few are questioning that...
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