The end of more than a decade of debate about privatization of two government-sponsored housing enterprises appeared to come last week when the Senate approved legislation drastically changes the regulatory apparatus, sets strict capital standards and establishes affordable housing goals. The measure, however, retains government sponsorship of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

"This action is a clear signal that Congress has affirmed the function and role of Fannie Mae and the structure of how that function will be carried out." said David R. Jeffers, vice president for corporate relations at Fannie Mae.

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