House GOP Applauds Obama On Housing Plan

Law360, New York (March 1, 2011, 3:00 PM EST) -- Key Republicans on Tuesday praised President Barack Obama's plan to overhaul the U.S. mortgage market and vowed to help craft legislation to wind down Fannie Mae and Freddie Mac.

House Financial Services Committee Chairman Spencer Bachus called the Obama administration's February report on the housing sector “encouraging” because it represented a “a bipartisan recognition that we must move toward a private market rather than one where the government backstops 90 percent of all mortgages in this country” prior to a hearing with Treasury Secretary Timothy Geithner....
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