Conservatives buy ads critical of housing changes

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Associated Press

Posted on April 1, 2014 at 10:06 AM

Updated Tuesday, Apr 1 at 12:06 PM

WASHINGTON (AP) — A seniors group with ties to the conservative billionaire Koch brothers is running ads trying to block a Senate proposal to dismantle mortgage giants Freddie Mac and Fannie Mae.

The conservative 60 Plus Association on Monday announced ads against three Democrats and four Republican members of the Senate Banking Committee. The ads say the changes could cost retirees money invested in bonds.

The committee is set to take up a bipartisan measure in April that would revamp the nation's housing financing system.

The ads compare the proposal to Democrats' national health care law. The ads' narrator urges lawmakers "don't bring Obamacare to the mortgage industry."

Fannie and Freddie don't directly make loans. They buy mortgages from lenders, package them as bonds, guarantee them against default and sell them to investors.

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