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Watt Homeowner Relief Vies With Fannie-Freddie Health

Mel Watt, the regulator of Fannie Mae and Freddie Mac, met last month with about two dozen homeowners who owe more on mortgages than their properties are worth.

The Americans told Watt of their financial struggles in his Washington office for almost two hours as he contemplates one of the toughest decisions in his first year overseeing $4.5 trillion in mortgage debt backed by the two companies.