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Two Senators Draft Plan to Phase Out Freddie Mac and Fannie Mae
The New York Times: WASHINGTON — The leaders of the Senate Banking Committee on Tuesday outlined plans for legislation to wind down the government-owned mortgage financiers Fannie Mae and Freddie Mac, saying that the firms would continue to provide access to long-term, fixed-rate mortgages.
The committee chairman, Senator Tim Johnson, Democrat of South Dakota, and Senator Mike Crapo of Idaho, the panel’s top Republican, announced the agreement after working for months to bridge a partisan divide with the hope of moving legislation this year.
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