Mexico could have its own personal Fannie Mae later this year, if the Mexican Congress approves the controversial plan.

President Vincente Fox has introduced a number of financial reforms since he took office last December, and one of the most ambitious is his attempt to jump-start the Mexican secondary mortgage market by creating a government-sponsored enterprise similar to the U.S.'s Fannie Mae or Freddie Mac. The Mexican Congress could receive the proposal as soon as next month.

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