U.S. Senator Chuck Hagel issued the following statement today in favor of the Senate housing package. This legislation includes the creation of a new independent regulator for Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Hagels legislation was originally introduced in 2003: This legislation will create a strong new independent regulator for Fannie Mae, Freddie Mac and the Federal Home Loan Banks and provide refinancing assistance for troubled homeowners. Fannie Mae and Freddie Mac own or guarantee over $5 trillion in mortgages which the taxpayer could be liable for if either were to fail. Fannie and Freddie have faced... ...
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