Legislation overhauling the U.S. housing-finance system, sponsored by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and other Republicans, won narrow support from the panel Wednesday after nearly 10 hours of debate and amendments the day before. The bill would eliminate Fannie Mae and Freddie Mac in five years and shift lending responsibility to the private sector. It still faces an uphill battle to passage, however, as competing legislation by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., is seen as having more bipartisan support.
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