Financial Times FT.com

Initiative to ease US home crisis advances

By James Politi in Washington

Published: May 16 2008 03:00 | Last updated: May 16 2008 03:00

The top lawmakers on the Senate banking committee last night reached a deal "in concept" to advance sweeping new housing legislation, after several days of frenzied negotiations.

Under the terms of the proposed bill, the regulation of Fannie Mae and Freddie Mac, the government-backed mortgage companies, would be significantly tightened.

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