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by CareyBot

Fannie Mae and Freddie Mac are likely to remain in government conservatorship until at least next year, the Obama administration indicated today in unveiling a sweeping plan to overhaul the financial regulatory system. The mortgage giants' "continued stability and strength" is needed during "these difficult financial times," the administration said in a report outlining proposed changes to the regulatory system. The proposed changes, which will require congressional approval, would include a new financial services oversight council to identify emerging systemic risks and a new national bank supervisor to oversee all federally chartered banks. In addition, the plan would eliminate the federal thrift charter and other loopholes that the administration says allo...