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Article: Housing: Snow, Jackson Urge New Fannie Mae, Freddie Mac Regulator.
- Article from:
- The Bond Buyer
- Article date:
- April 14, 2005
- Author:
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Two members of President Bush's cabinet urged lawmakers yesterday to approve legislation creating a new regulator for financially troubled Fannie Mae and Freddie Mac that would have the power to curb the two companies' portfolios that include vast holdings of state and local mortgagerevenue bonds.
"We believe that meaningful reform of the regulatory structure of the [government-sponsored enterprises] must include mechanisms to protect our broader financial markets from unnecessary risks," Treasury Secretary John Snow said in prepared testimony before the House Financial Services Committee. "The sheer size of the mortgage-based investment portfolios of the GSEs ...