Bank of New York Mellon CEO Says Government Should Exit Mortgage Market (BK,FNM,FRE)
3/12/2010-Bank of New York Mellon's (NYSE: BK) chairman and CEO Robert Kelly said Thursday that the U.S. government should end its ownership of mortgage financiers Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) and establish the power to dismantle large banks, American Banker reported Friday.
Kelly said Thursday in a speech in Washington that the government should exit the mortgage business because its involvement "creates too many distortions and potentially bad behavior."
Write to Chip Brian at cbrian@tradethetrend.com
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