US President Barack Obama has urged a revamp of the housing market that would "wind down" government-owned mortgage giants Fannie Mae and Freddie Mac.
Speaking in Arizona, Mr Obama said action was needed to ensure that the rebounding US property market does not simply "re-inflate the housing bubble".
He wants to replace the two lenders with a system leaving the onus of loan risk primarily on the private sector.
The US had to prop up Fannie Mae and Freddie Mac in the 2007-09 recession.
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