ML-Implode News - Former Wells Chief Says GSEs Should beÂ Eliminated

The former chief of Wells Fargo &Â Co. says that Fannie Mae and Freddie Mac must go. He sees the Federal Housing Administration as the government's ongoing tool for housing subsidies.
While he was in Charlotte, N.C., for the Wells Fargo Championship, the former chairman and chief executive officer of the San Francisco-based company, Dick Kovacevich, talked about the economy, Wells Fargo's acquisition of Wachovia Corp. and his take on the government sponsored housing enterprises.

Kovacevich called the Wachovia deal the "best merger in banking history from both a strategic and a financial standpoint."

And it was -- because the Fed and Treasury kept the resulting, stuffed-to-the-gills-with-Alt-A behemoth from imploding.

Relevant:

Former Wells Chief Says GSEs Should beÂ Eliminated - Kovacevich talks about Wachovia, economy