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The Federal Housing Finance Agency’s proposed rule that would require Federal Home Loan Banks’ member financial institutions to maintain 10% of their assets in residential mortgages drew 1,300 comments from stakeholders and most of those were negative, according to FHFA Director Mel Watt.

“We had 1,300 comments on this proposal and I have to tell you that this is an unprecedented number of comments,” Watt said during a Tuesday hearing before the House Financial Services Committee. “And I can tell you that the bulk of those comments from stakeholders were negative on the proposal.”

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