Fannie, Freddie going co-op?

Fannie Mae and Freddie Mac — the government-owned mortgage giants — may see new owners soon, according to the New York Post, if a co-op transition plan is approved at today’s housing finance summit in Washington, D.C. Under the plan, the entities would become co-ops owned by lenders Wells Fargo, Citigroup, JPMorgan Chase and Bank of America. Proponents of the plan say that it would relieve taxpayers of a $150 billion burden, which has caused pains in the post-boom era. This plan is part of a larger lending reform proposal package to be pitched today during a conference that includes Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan. [Post]