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WASHINGTON, DC - Feb. 14: Treasury Secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and SEC Commissioner Christopher Cox during the Senate Banking hearing on the U.S. economy. As a way to help revive the struggling housing market, Bernanke called on Congress to pass legislation to modernize the Federal Housing Administration and overhaul regulation of mortgage giants Fannie Mae and Freddie Mac. So far, lawmakers have been unable to clear legislation that would overhaul FHA, an agency created during the Depression that helps home buyers obtain affordable mortgages by insuring the loans. Lawmakers are working to reconcile House- and Senate-passed overhaul bills (HR 1852, S 2338). "The FHA provides an opportunity to refinance troubled borrowers into more stable, long-term . . . mortgages," Bernanke said at a hearing before the Senate Banking, Housing and Urban Affairs panel. (Photo by Scott J. Ferrell/Congressional Quarterly)

WASHINGTON, DC - Feb. 14: Treasury Secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and SEC Commissioner Christopher Cox during the Senate Banking hearing on the U.S. economy. As a way to help revive the struggling housing market, Bernanke called on Congress to pass legislation to modernize the Federal Housing Administration and overhaul regulation of mortgage giants Fannie Mae and Freddie Mac. So far, lawmakers have been unable to clear legislation that would overhaul...
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