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Democrats Press for More Aid to Subprime-Mortgage Borrowers

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By Robert Schroeder

RISMEDIA, Oct. 4, 2007-(MarketWatch)-Top Senate and House Democrats pressed for more aid to subprime-mortgage borrowers on Wednesday, saying more funding is needed to prevent foreclosures, caps on the portfolios of mortgage-buyers Fannie Mae and Freddie Mac should be lifted and other steps should be taken. “This is a national crisis,” said Senate Majority Leader Harry Reid, D-Nevada, at an event on Capitol Hill. The lawmakers said action is needed from the White House, the Federal Reserve and Congress itself to help head off foreclosures. About two million homeowners could lose their homes to foreclosure over the course of this year and next year, the lawmakers said.

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