Wed, Jun 26, 2013 10:28 AM EDT 1:15
A bipartisan group of senators proposed an overhaul to the housing finance system that would gradually eliminate Fannie Mae and Freddie Mac, the two government-sponsored mortgage guarantee giants, and shift more mortgage and credit risk to the private sector. Eight lawmakers from the Senate Banking Committee ? four Democrats and four Republicans ? said their legislation would protect taxpayers from bearing the costs of housing market downturns, as occurred in the 2008 financial crisis when Fannie and Freddie were nationalized and bailed out with $187 billion in taxpayer-funded loans. According to local media reports, New England Patriots football player Aaron Hernandez was arrested, after he was questioned in connection with a shooting death near his home in North Attleborough, Massachusetts. Texas, the nation's busiest death penalty state, is set to mark a solemn moment in criminal justice with the execution of convicted killer Kimberly McCarthy. If McCarthy is put to death in Huntsville as planned, she would become the 500th person executed in Texas since the state resumed carrying out the death penalty in 1982.