We have reviewed the tough letter sent by House GOP leadership to Secretary Geithner tearing the servicing-settlement term sheet to shreds.  In the near term, we read it and similar howls from Sen. Shelby as postponing the settlement and any resulting costs to Fannie and Freddie.  However, the objections are in many respects so substantive that they could derail the outlined agreement – much to the industry’s relief, of course.

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