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Tuesday, July 15, 2008

Fannie, Freddie, Indy

--House GOP leaders, defying Bush, called for hearings on the Fannie Mae and Freddie Mac rescue, and said it shouldn't be attached to the housing package, which they call a bailout for irresponsible homeowners and unscrupulous lenders. In a statement, Minority Leader John Boehner, R-Ohio, said the changes "should not be coupled with a multibillion-dollar taxpayer-funded bailout bill that includes no reform or a multibillion-dollar permanent new government spending program."

The takeover of IndyMac came amid rampant speculation that the federal government would also have to take over lenders Fannie Mae and Freddie Mac, which together stand behind almost half of the nation’s mortgage debt.

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