Joseph A. Smith, F.H.F.A. Nominee, Faces Uphill Battle To Reform Fannie & Freddie

12/11/2010 09:53 pm ET | Updated May 25, 2011
  • GRETCHEN MORGENSON The New York Times

If this Mr. Smith goes to Washington as head of F.H.F.A., he will face a monumental challenge at a crucial time: how to protect taxpayers from even greater losses incurred by Fannie and Freddie as Congress considers what to do with the companies. Since they collapsed into conservatorship in September 2008, Fannie and Freddie have received $151 billion in taxpayer assistance.

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