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Some conservatives on Capitol Hill and private analysts said the Treasury action should serve as a prelude to getting the government entirely out of the business of underwriting or holding home mortgages.

David C. John, a financial expert at the Heritage Foundation, said both Freddie Mac and Fannie Mae remain undercapitalized and cannot be fixed with “minor changes.”

“It is time for the Treasury Department and Fannie and Freddie’s new regulator … to use their new and existing powers to put Fannie and Freddie into a receivership and break them up,” he said.