The imposition of federal levies on Fannie Mae and Freddie Mac, the government-sponsored housing agencies, is again being presented as a deficit-reduction option. But credit and equity analysts say investors shouldn't lose sleep over the issue.

In what has become a ritual part of its annual deficit-reduction study, the Congressional Budget Office has revived the option of assessing "cost of capital offset fees" on the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

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