July 11, 2013 / 2:46 PM / 5 years ago

U.S. House Republicans eye closing Fannie Mae, Freddie Mac in five years

WASHINGTON, July 11 (Reuters) - A group of Republicans in the U.S. House of Representatives on Thursday unveiled draft legislative that would wind down mortgage finance giants Fannie Mae and Freddie Mac over five years, strip the mortgage securitization process from government control and revamp the Federal Housing Administration.

The sweeping proposal aims to establish a new framework for the U.S. housing finance system and reduce the government’s footprint in the market as much as possible, Republican members of the House Financial Services Committee told reporters.

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