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Plan to allow US mortages with 3% down payment seen as reckless

Monday, November 17, 2014 - 05:50

Washington

MEL Watt, director of the Federal Housing Finance Agency, has set off a political tempest. The cause: 3 per cent down mortgages. Mr Watt, who oversees Fannie Mae and Freddie Mac, unveiled his plan in late October to allow the companies to back mortgages with down payments as

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