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Warren and Allies Said to Reject Fannie Mae Overhaul Bill

The Senate Banking Committee is preparing to vote next week on a plan to replace government-owned mortgage firms Fannie Mae and Freddie Mac as fading Democratic backing for the measure dims its chances of becoming law.

Six Democrats whose support is crucial agreed in a private meeting yesterday that they wouldn’t vote for the bipartisan proposal to replace the finance companies with a government re-insurer, according to three people familiar with the meeting.