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Key senators agree on plan to phase-out Fannie, Freddie, LA Times says

Key senators announced bipartisan agreement on a plan to overhaul the housing finance system. The proposal would slowly shrink Fannie Mae (FNMA) and Freddie Mac (FMCC) replace them with a scaled-back government guarantee for mortgages, LA Times says. Shares of Federal National Mortgage Association (FNMA) are down 28% and Federal Home Loan Mortgage Corporation (FMCC) are down 25% in late-day trading.