Japan Ditching Fannie Mae and Freddie Mac Model
The Freddie Mac and Fannie Mae fiasco has moved overseas. Japan, which modeled it’s housing finance agency on the two American institutions, is having second thoughts.
After seeing the implosion of Freddie Mac and Fannie Mae, Japan is changing it’s model. I wonder if they are afraid that they will have a Barney Frank of Christopher Todd in their midst too…
The Japan Housing Finance Agency, with $429 billion in assets, said it needs a new business model after copying the failed practices of Fannie Mae and Freddie Mac.
The U.S. mortgage-finance companies, seized by the government this year, had been successful until they departed from their original goals and started pursuing higher profit, said Seiichi Shimada, president of the agency, in an interview with Bloomberg Television aired today.
“It is inevitable for a listed company to maximize profit in order to please its shareholders,” said Shimada. “Our mission is to create a stable environment that makes long-term housing loans available for everybody. It would probably be difficult for us to achieve that as a listed company.” via Bloomberg.com
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