Politics & Government

May 15, 2014

Major redesign of mortgage finance system approved, but unlikely to make it into law

A Senate panel on Thursday approved legislation to wind down Fannie Mae and Freddie Mac and redesign the U.S. mortgage finance system, but sparse support among Democrats means the measure is unlikely to make it into law. The Democratic-controlled Senate Banking Committee approved the bill in a 13-9 vote, with only half of the panel’s 12 Democrats voting in favor.

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