Rep. Jeb Hensarling, a conservative from Texas, and Rep. Maxine Waters, a California liberal, both feel strongly about Fannie Mae's and Freddie Mac's roles in mortgage lending. So reform is expected to be a priority when the two House Financial Services Committee leaders begin work next year. "The challenge for all parties involved will be providing for the housing needs of low- and moderate-income Americans," said Scott Talbott, senior vice president of public policy at The Financial Services Roundtable.

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