Politics Breaking News: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

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Politics Breaking News: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

Politics Breaking News: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie
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Politics Breaking News: Senators Push Bill to Scrap Mortgage Firms Fannie, Freddie

by Wochit 1:19 mins

A bipartisan group of U.S. senators will introduce a bill to abolish Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis. The U.S. government seized the mortgage firms in 2008 to rescue them from insolvency, spending a total of $187.5 billion to keep them afloat. Fannie Mae and Freddie Mac, which charge lenders a fee in return for guaranteeing principal and interest on mortgages, are now posting record profits. The Russian foreign minister, Sergey V. Lavrov, sharply chastised the United States for its demands regarding the fugitive American national security contractor, Edward J. Snowden, and insisted that Mr. Snowden, who has been charged with disclosing intelligence secrets, ?did not cross the Russian border,? despite reports that he landed there on a flight from Hong Kong. Edward Snowden, charged with disclosing secret U.S. surveillance programs, left Hong Kong for Moscow's Sheremetyevo airport. An airport source said the 30-year-old American, who has asked for asylum in Ecuador, had flown in and had been booked on a flight to Cuba but had not got on board.

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