Republicans have taken control of the House and gained seats in the Senate, but they still face an uphill battle. Rather than attempt to repeal requirements, the GOP is expected to focus its attention and put increased pressure on regulators. One area of particular focus likely will be a possible phasing out of government support for Fannie Mae and Freddie Mac. "We don't want them to regulate capriciously, arbitrarily, without engaging in a cost-benefit analysis," said Rep. Jeb Hensarling, R-Texas.

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