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(Reuters) - The top housing regulator rebuffed the offer of taxpayer funds to reduce mortgages held by struggling homeowners on Tuesday, a blow to the Obama administration which is keen to show voters it can help fix the housing market.
Calling it a challenging decision, the regulator for Fannie Mae and Freddie Mac said using funds from the Troubled Asset Relief Program would not make a meaningful improvement in reducing foreclosures in a cost-effective way for taxpayers.
"The anticipated benefits do not outweigh the costs and risks," the Federal Housing Finance Agency's head Edward DeMarco told reporters.
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