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Republicans rebuff industry lobbyists, block Mel Watt nomination

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Mortgage bankers, realtors, and home builders all lobbied Republican senators to approve industry-friendly, big government-friendly Congressman Mel Watt as the chief regulator for Fannie Mae. Republican leaders, however, formed a unified front against the Obama administration and the bailed-out housing industry. The Mortgage Bankers Association, National Association of Homebuilders, and...

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