The Obama administration will propose a wind-down of government-controlled mortgage buyers Fannie Mae and Freddie Mac, according to documents obtained by Reuters.

The White House proposed three long-term options to reduce the government's role in the housing market and took several shorter term steps aimed at raising the cost of government-backed mortgages.

(Reporting by Kristin Roberts; editing by Jeffrey Benkoe)

Fannie mae Freddie mac Down