Next week a House Financial Services subcommittee will hold its first hearing on the future of the GSEs by looking at what immediate steps can be taken to stem the losses at Fannie Mae and Freddie Mac.

Rep. Scott Garrett, R-N.J., will chair the Feb. 9 hearing held by the subcommittee on capital markets and government sponsored enterprises. "This hearing will be the first in a series of hearings to examine the steps Congress can take right now to protect taxpayers from the ongoing bailout of Fannie Mae and Freddie Mac," the subcommittee chairman said.

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