Fannie, Freddie Phase-Out Proposed

Fannie, Freddie Phase-Out Proposed By NICK TIMIRAOS And ALAN ZIBEL WASHINGTON—The Obama administration unveiled a proposal Friday for winding down mortgage giants Fannie Mae and Freddie Mac, spelling out three options for what could take their place and setting the stage for a lengthy debate over the nation's $10.6 trillion mortgage market. The steps are likely to mean higher borrowing costs and more limited access to home loans for consumers. Administration officials said the transition to a new system could take five years or longer. "We are going to start the process of reform now, but we are going to...