A pullback by Fannie Mae and Freddie Mac, which are beset by accounting and political problems, shouldn't have a major impact on the housing market, according to a Wall Street economist."We will see them grow more slowly," Michael Moran, chief economist of Daiwa Securities America Inc., told a National Association of Home Builders construction forecast conference. But he noted that, in his view, the two secondary-market agencies have a minimal impact (7 to 25 basis points) on mortgage interest rates. In terms of financing affordable housing for minorities, the private sector does a better job, he said. "It will not be that big of a deal," Mr. Moran said.

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