Schumer Pushes For Lifting Fannie, Freddie Loan Cap

Law360, New York (September 10, 2007, 12:00 AM EDT) -- Hoping to stabilize the shaky mortgage market, the chairman of a U.S. Senate housing subcommittee has presented a bill that seeks to allow government-sponsored lenders Fannie Mae and Freddie Mac to purchase more subprime loans.

On Monday, Sen. Charles Schumer (D-NY) introduced a piece of legislation known as “The Protecting Access to Safe Mortgages Act,” aimed at enabling the two mortgage companies to temporarily step up their mortgage holdings by 10%.

"This common-sense measure will deliver a shot in the arm that could make refinancings possible...
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