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President Barack Obama on Tuesday officially launched his campaign to transfer most of the risk currently undertaken by Fannie Mae and Freddie Mac to the private sector, saying during a speech in Arizona that the U.S. government should phase out the mortgage finance giants as part of an effort to prevent another taxpayer-funded bailout.

Arriving in Phoenix five years after the financial crisis that led to a $188 billion government bailout of Fannie and Freddie, Obama said that he is laying “a rock-solid foundation to make sure the kind of crisis we just went through never happens again.” Private lenders—not the government—should stand as “the backbone” of the U.S. mortgage market. Fannie and Freddie currently buy and guarantee mortgages from banks, which use the government-sponsored enterprises to engage in more lending.

“For too long, these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag,” Obama said. “It was ‘heads we win, tails you lose.’ And it was wrong.”

The U.S. Senate and House of Representatives have bills pending to reform the country’s mortgage marketplace. The House legislation from Representative Jeb Hensarling (R-Texas) and the Senate measure from Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) would eliminate Fannie and Freddie and have private investors shoulder most of the risk now undertaken by the two companies.

But Hensarling’s bill doesn’t have a government guarantee for 30-year fixed-rate mortgages. Democrats fear that the absence of a guarantee would end the loans altogether.

Obama said the government should ensure continued access to the mortgages. The president said he supports the work in the Senate on mortgage market reform.

Hensarling, chairman of the House Financial Services Committee, said in a written statement that his legislation has aims that are similar to President Obama’s goals, including the preservation of 30-year fixed-rate mortgages.

“Now it’s time for action to create a sustainable housing finance system—sustainable for taxpayers, for homeowners, and for our economy,” Hensarling said.

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