Although the issue has generally divided Democrats and Republicans, Rep. Scott Garrett, R-N.J. received bipartisan support — as well as a nod from a key regulator — Thursday for his latest proposal to reform the housing finance market.

Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), has been critical of past efforts by Republicans to unwind Fannie Mae and Freddie Mac, but called the Garrett bill a "thoughtful approach to a framework that does not rely on a government guarantee."

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