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Ronald Reagan said, "The taxpayer is someone who works for the federal government but doesn't have to take the civil service examination." Taxpayers pretty much own Freddie and Fannie, and the latest news (besides some rumored Freddie Mac lay-offs) is that U.S. Rep. Scott Garrett will be the chairman for the House subcommittee overseeing financial markets and the mortgage giants Fannie Mae and Freddie Mac next year. "While there will be a number of very important issues on the subcommittee's plate during the 112th Congress, winding down Fannie Mae and Freddie Mac will be priority No. 1 ," Garrett said in a statement. "With the American taxpayers already on the hook for $150 billion and counting to bail them out, we need to be taking concrete steps to reduce the ongoing financial risk they pose...(read more)

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