With housing on the mend, Obama pitches mortgage overhaul to curtail taxpayer risk

  • Article by: JULIE PACE , AP White House Correspondent
  • Updated: August 6, 2013 - 10:16 PM

PHOENIX — Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation's mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left "holding the bag" for the mortgage giants' bad bets.

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