Proposed bill would place Fannie, Freddie funds in escrow

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Aiming to protect taxpayers against loss in the event of a housing market downturn, Rep. Marsha Blackburn, R-Tenn., yesterday introduced legislation that would establish a secondary reserve fund for government-sponsored enterprises Fannie Mae and Freddie Mac. If passed, revenues from Fannie Mae and Freddie Mac would be placed in escrow until Congress can reach a resolution on GSE reform.