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The Boston Globe

Business

Obama sets conditions on fixing mortgage giants

30-year loan at fixed rates must survive, he says

PHOENIX — President Obama hailed both this city’s and the country’s comeback from the housing bust Tuesday and said it was now time to reduce the federal role and risk in the mortgage market “to make sure the kind of crisis we went through never happens again.”

He proposed to “wind down” Fannie Mae and Freddie Mac, for the first time outlining his approach to overhauling the two giant mortgage-finance companies that were taken over by the government when they failed nearly five years ago. The companies, which Obama described in an appearance here as “not really government, but not really private sector,” recently began to repay taxpayers.

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