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Friday April 08, 08:40
Fannie and Freddie to be put under strict regulatory limits
(by Brigitta Zulfitzler)

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Fannie and Freddie to be put under strict regulatory limits The Bush administration showed readiness to toughen regulation of Fannie Mae and Freddie Mac by means of legislation.

Treasury Secretary John Snow one more time stated his idea to placed limits on the size of the two government-run companies’ holdings of mortgages and securities. At a hearing of the Senate Banking Committee yesterday, Snow proposed to found a new, more-powerful regulatory agency for Fannie and Freddie which could handle the question of exact limits.

The suggestion would relieve Congress of routine disputes over numbers and give way to legislation process. The administration has already tried to lobby such legislation with regard to accounting scandals at Fannie and Freddie but failed in 2003 and 2004.

A number of senators have backed the idea of granting the companies’ new regulator discretion over the size of the mortgage portfolios. But there is also a group of officials that would oppose the idea of giving the regulator overall control over the companies’ businesses.
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Read the related news and articles:
26 May 2005 01:35 PM Benchmark 30-year mortgage rate fell to 5.65%: Freddie Mac
20 May 2005 09:16 AM Fannie Mae bolstered capital
12 May 2005 12:38 PM One more accounting violation found by Fannie
20 Apr 2005 08:03 AM Debate over Freddie's and Fannie's portfolios is raging on
19 Apr 2005 05:29 PM Fannie and Freddie fans oppose portfolio limits
 


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