In a House committee hearing about government-sponsored enterprises and the financial crisis, Rep. Carolyn Maloney, D-N.Y., argued that an end to Fannie Mae and Freddie Mac could mean the end of the 30-year mortgage. No private entity could fill the role of Fannie and Freddie, she said. Meanwhile, Rep. Scott Garrett, R-N.J., said bad mortgages and easy money from the Federal Reserve were to blame for the crisis and that reform should focus on government housing policy.

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