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Democrats Resist Agency Proposed to Oversee Freddie Mac and Fannie Mae

I am not a partisan person.  That said, I am surprised this 2003 (yes, 2003!) article from the New York Times is not getting more attention:The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business...continue to full post

Full post as published by Crime & Federalism on September 21, 2008 (boomark / email).