Fannie Mae, Freddie Mac CEOS Tackle Foreclosures

(AP Photo/Manuel Balce Ceneta, file)
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San Francisco (AP) The new chief executives of Fannie Mae and Freddie Mac are trying do more to stop the home foreclosures hammering the housing market.

But they say it still might take years for real estate to recover in some cities.

David Moffett and Herbert Allison were hired after the government bailed out Freddie Mac and Fannie Mae, which own or guarantee about $5 trillion of the nation's outstanding mortgages. They spoke yesterday at the Mortgage Bankers Association's annual convention.

Protesters rallied outside the San Francisco convention to urge more foreclosure relief. One woman managed to slip past security to confront Allison and Moffett. After calling for a moratorium on all foreclosures, the woman was escorted off the stage.

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