WASHINGTON – July 21, 2008 – Odd alliances are at work as President Bush and congressional Democrats band together to save Fannie Mae and Freddie Mac.
The push to reassure markets that the mortgage giants are financially healthy has thrust Republicans - who have never liked the idea of government-sponsored mortgage companies - into the arms of Democrats, who have long championed Fannie's and Freddie's mission of helping low- and middle-income Americans buy homes.
Now they are both pushing for a government lifeline to the companies as part of a broad housing bill compromise that tightens controls on them and rescues as many as 400,000 homeowners from foreclosure. The rest of the story...
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Posted in: Mortgage News
