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Friday, February 11, 2011

Obama Administration Overhauling Mortgage Market

The Obama administration on Friday release its long-awaited proposal for overhauling the mortgage market, calling for gradually shutting down bailed-out Fannie Mae and Freddie Mac and reducing the government's now huge role in housing finance.

In a move that would affect Southern California and other high-cost areas, the 32-page plan calls for phasing in an increase in the down payment required for loans by Fannie and Freddie to 10%, while reducing the maximum size of mortgages they can back.


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