A Senate panel has approved a bill to tighten congressional control of Fannie Mae [corporate website] and Freddie Mac [corporate website]. The proposed bill would force the government chartered mortgage companies to liquidate all of their non-mortgage related assets. A Freddie Mac spokeswoman said the bill ``jeopardizes future generations of homebuyers and renters.'' In a statement, Fannie Mae said they support congressional oversight of their portfolio so long as it ensures "they are conducted in a safe and sound manner." The bill faces tough opposition from Senate Democrats before it can be approved and a bill in the House that does not force the companies to sell off their assets. Bloomberg has more.
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