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U.S. Reviews Operations of Home Loan Giants

IN BRIEF / MORTGAGES

June 14, 2006|From the Associated Press

The Bush administration is starting special reviews of the financial operations of mortgage giants Fannie Mae and Freddie Mac.

Housing and Urban Development Secretary Alphonso Jackson and Randal Quarles, Treasury undersecretary for domestic finance, disclosed the reviews by their departments in appearances in Washington.

Quarles said Treasury staff will review the department's process for approving the massive mortgage-related debt issued by the government-sponsored companies.

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