President Barack Obama is set to deliver a speech today in Phoenix where he will outline his ideas for reforming Fannie Mae and Freddie Mac. The president will back a bipartisan effort to wind down the two companies, as long as any legislation ensures that private investors, not taxpayers, shoulder the risks associated with the two companies, White House officials say. "The current housing finance system, where the government guarantees more than 80% of all mortgages ... is unsustainable," said an unnamed senior White House official.

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