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In Treasury Secretary Henry Paulson's exact words today, according to the Wall Street Journal he stated, "Additionally Congress needs to complete its work and create a strong independent regulator for Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac have an important role in making mortgages available and affordable, and appropriate regulatory oversight is critical to their ability to serve their public policy purpose."
It's very apparent that more regulation is probably in store for the mortgage industry. In a perfect world, a real estate loan should be between two parties, without government intervention. Sorry folks, it's simply not a perfect world.
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