Despite reports to the contrary, Rep. Scott Garrett said Republicans still intend to privatize Fannie Mae and Freddie Mac after a suitable transition.

The New Jersey Republican, who was just appointed chairman of the House Financial Services Committee's capital markets subcommittee, rejected claims that the GOP had softened its attitude toward the government-sponsored enterprises after it took power in the House. "We are not backpedaling at all," Garrett said. "We are still going full ahead."

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