Law360, Washington (March 11, 2014, 2:09 PM EDT) -- The two ranking members of the U.S. Senate Banking, Housing and Urban Affairs Committee announced Tuesday they have reached an agreement to wind down and eventually shutter Fannie Mae and Freddie Mac, part of a sweeping deal to overhaul the housing finance system.
The bipartisan deal is designed to end the unviable "status quo" of Fannie Mae and Freddie Mac continuing to remain in government conservatorship — where they have been remained for several years since receiving bailouts after incurring massive losses from the subprime mortgage crisis — and build a stable secondary mortgage market with more participation from private companies,...
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