A Senate committee approved legislation to replace Fannie Mae and Freddie Mac with a new mortgage market financed by private capital

 with a government backstop. The Housing Finance Reform and Taxpayer Protection Act was approved by the Senate Banking Committee by a 13-9 vote — likely too small of a margin to convince Senate Majority Leader Harry Reid, D-Nev., to disrupt the housing finance system, raise interest rates. leave small and rural markets without a secondary market by bringing the bill to the Senate floor for a vote.


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