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WASHINGTON, DC-The Obama Administration is considering an overhaul of Fannie Mae and Freddie Mac, according to a breaking story at the Washington Post.

Key to the plan would be a so-called bad bank–a repository for toxic or non-performing assets which has been considered for other government initiatives as well but yet to be implemented. The approach was confirmed by James B. Lockhart III, director of the Federal Housing Finance Agency, who announced his resignation on Wednesday.

Reportedly the plan was first seriously considered earlier this year and is now entering more substantive planning.

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