The U.S. Senate on Tuesday rejected an attempt to rein in taxpayer support of mortgage giants Fannie Mae and Freddie Mac. It was another in a long line of defeats for housing finance changes that two Alabama lawmakers have sought for years.

Sen. Richard Shelby and Rep. Spencer Bachus, the top two Republicans on the key financial committees of Congress, argue that the two government-sponsored enterprises -- now surviving on $145 billion in taxpayer bailout funds -- should be transitioned into private entities.

Read the full story from The Birmingham News.