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US lawmaker blasts fellow Republicans on Fannie, Freddie

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A Republican lawmaker sharply criticized his party colleagues Friday, accusing them of taking an unrealistic approach toward reworking the U.S. mortgage market The comments by Rep. Gary Miller (R-Calif.) underscored longstanding divisions among Republican lawmakers that have become more public in recent weeks. Several GOP House lawmakers have introduced bills to overhaul government-controlled mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMCC), and more are expected. Top Republicans on the House Financial Services Committee have advanced bills to build a mostly private mortgage-finance system. But Miller and a fellow Californian, Rep. John Campbell, have broken with their leaders and favor approaches with more government support.

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