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Inside Washington (11/19/2007)
* WASHINGTON (11/20/07)--Sen. Jack Reed (D-R.I.) Friday introduced a bill, the Government-Sponsored Enterprise (GSE) Mission Improvement Act of 2007, which would direct GSEs Fannie Mae and Freddie Mac to set aside $500 million to $900 million every year for an affordable housing fund. About 65% of the money would be put in a housing program operated by the Department of Housing and Urban Development, while the remaining 35% would be placed in a fund operated by the Treasury Department. The latter fund would provide grants for “financial activities that leverage affordable housing development, construction and preservation for low, very low and extremely low-income families,” Reed said (CNNMoney.com Nov. 16) …


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