Breaking News Headlines: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

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Breaking News Headlines: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

Breaking News Headlines: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie
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Breaking News Headlines: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

by Wochit 1:03 mins

A bipartisan group of U.S. senators will introduce a bill to abolish Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis. The U.S. government seized the mortgage firms in 2008 to rescue them from insolvency, spending a total of $187.5 billion to keep them afloat. Fannie Mae and Freddie Mac, which charge lenders a fee in return for guaranteeing principal and interest on mortgages, are now posting record profits. British-public-broadcaster BBC has expressed-its dismay and concern about a Twitter campaign by a Turkish politician against one of its reporters covering anti-government protests in the country. At Least 32 People Killed in Iraq Attacks. The latest spate of violence took place in a range of Iraqi cities where sectarian attacks have become a frequent occurrence.

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