Bill to End Fannie Mae, Freddie Mac Clears House Committee

The House Financial Services Committee today approved the Protecting American Taxpayers and Homeowners Act, which will wind down Fannie May and Freddie Mac over five years and rely on the private sector to provide a secondary market for residential real estate mortgages. The committee approved the legislation on a party-line vote after working on the bill 11 hours yesterday. Democrats offered numerous amendments to the bill, but all were defeated. Republicans contend the legislation will increase competition in the mortgage market and give home buyers more choices on loan products. The Nashville Business Journal has more.