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WASHINGTON — In an effort targeted at pumping liquidity into the credit system, the federal regulator for Fannie Mae and Freddie Mac, the Office of Federal Housing Enterprise Oversight yesterday reduced the capital they are required to hold against losses. Now that reserve will become available to the government special entities to purchase more mortgages. (At year-end 2007 Fannie had $45 billion in capital and Freddie had $37 billion.)

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