As reform efforts move slowly and Fannie Mae and Freddie Mac reap large profits, the momentum to replace them could slow, some analysts say. However, industry leaders are still interested in changes. "We are strongly in favor of reforming the system," said Paul Leonard, senior vice president of government affairs for the Financial Services Roundtable's Housing Policy Council. "We think that Fannie and Freddie should be gradually phased out and replaced with a structure that is based on private capital with protections for the taxpayer."
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