Obama To Back Closing Fannie, Freddie

Washington, DC, Aug. 6, 2013 -- President Barack Obama will apparently urge Congress this week to back bipartisan efforts to close down mortgage giants Fannie Mae and Freddie Mac.

According to reports, Obama will back shifting to the private sector more of the work of supporting the mortgage market.

That effort includes supporting a bi-partisan effort spearheaded by Republican Sen. Bob Corker of Tennessee and Democratic Sen. Mark Warner of Virginia.

Fannie and Freddie own or guarantee half of all U.S. mortgages and back nearly 90% of new ones.