The Federal Housing Finance Agency released a draft of tougher new standards for the private mortgage insurers that cover the risk on low-down-payment loans for Fannie Mae and Freddie Mac.

The insurers would have two years to meet the new financial requirements, which include a minimum of $400 million in liquid assets that are available to pay claims on defaulted mortgages. A 60-day comment period on the draft standards ends Sept. 8.

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