Testifying at a Senate hearing, Rep. Mel Watt, D-N.C., President Barack Obama's nominee to supervise Fannie Mae and Freddie Mac, said he backs legislation to do away with the two government-sponsored housing finance companies. "The good news is that a broad consensus has emerged on the direction that our next steps must take us -- towards a system driven by private capital that minimizes the risk to taxpayers," Watt said.

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