House Subcommittee OKs Fannie, Freddie Reforms

Law360, New York (April 6, 2011, 7:08 PM EDT) -- A U.S. House of Representatives subcommittee approved eight bills Wednesday aimed at making immediate changes to Fannie Mae and Freddie Mac, including suspending executive pay packages and eliminating affordable housing goals, in order to minimize taxpayers’ risk exposure.

The capital markets and government-sponsored enterprises subcommittee sent the bills to the House Financial Services Committee for final approval after an 11-hour markup session Tuesday.

Subcommittee Chairman Rep. Scott Garrett, R-N.J., said the passage of the bills was an important milestone in ending the taxpayer-supported bailout of Fannie...
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