Fannie Mae, Freddie Mac and their allies have formed a lobbying group known as the Homeownership Alliance to defend the big mortgage loan buyers from new political pressures. They say the two groups are needed to keep housing loans available and housing costs low.

In part, it’s an attempt to counterbalance FM Watch, a group organized by banks such as Wells Fargo and Chase Manhattan that fear the government-sponsored enterprises will encroach on their markets.

Fannie and Freddie’s friends include seven housing, banking and civil rights groups: the National Association of Homebuilders, the National Association of Real Estate Brokers, Independent Community Bankers of America, National Urban League, American League of Financial Institutions, Local Initiatives Support Coalition, and Enterprise Foundation.

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