The new chairman of the House GSE subcommittee is looking for "immediate steps" Congress can take to reign in Fannie Mae and Freddie Mae and reduce their role in the mortgage market.

Rep. Scott Garrett, R-N.J., encouraged witnesses at a hearing Wednesday to discuss ways to raise GSE guarantee fees and lower their loan limits to create room for private label issuers to return to the mortgage market. But he largely dismissed a comprehensive GSE proposal that the Treasury Department is slated to unveil on Friday.

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