A subcommittee of the House Financial Services Committee debated yesterday and is expected to vote a handful of bills this morning that would begin the phase-out of Fannie Mae and Freddie Mac, which now finance a staggering 95% of the single-family mortgage market.

The GOP action came despite pleas from major representatives of the mortgage market, including credit unions, to wait to phase out the two secondary market companies until a replacement for their roles is imminent.

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