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House Panel Votes for Standards on Mortgage-Backed Securities

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Dec. 14 (Bloomberg) -- A U.S. House subcommittee advanced legislation that would require regulators to establish standards for mortgage-backed securities.

The Financial Services Committee’s Capital Markets panel voted 18-15 today for the measure.

The requirement is part of a package of bills from House Republicans aimed at dismantling Fannie Mae and Freddie Mac, the mortgage-finance companies that have operated under U.S. conservatorship since they were seized in September 2008. The government-sponsored enterprises, which own or guarantee almost half of U.S. home loans, have drawn more than $170 billion from a Treasury Department lifeline.

The bills must win approval from the full Financial Services Committee before they can be considered by the House.

To contact the reporter on this story: Lorraine Woellert in Washington at lwoellert@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

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