House GOP: Kill Fannie-Freddie

(Reuters) - Republicans in the House of Representatives on Friday recommended the country's top two mortgage finance companies, the recipients of a massive government bailout during the height of the financial crisis, be phased out in four years in order to restore stability to the housing market.

The House Republicans offered five goals to guide the overhaul of Fannie Mae (FNM.N) and Freddie Mac (FRE.N), which were chartered by Congress with a mandate to provide liquidity to the U.S. housing market but are privately held by shareholders. The goals include reestablishing a housing finance market in which private capital is the primary source of mortgage financing.