Sen. Richard Shelby, the Banking Committee's top Republican, said in an interview Thursday that he would eventually like to spin off the government-sponsored enterprises and privatize them, but that doing so will take a lot of time and money.

The "GSEs are in our lap," the Alabama lawmaker said. "You know, we own them. I would like to see them cleared up and spun off, whatever, see if anybody wants them. It's going to take a lot of money. There's a lot of guarantee out there. It's not implicit; it's explicit."

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