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Bush Fought to Regulate Freddie Mac and Fannie Mae 5 Years Ago Until Democrats Stopped Him

New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

Spetember 11, 2003

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. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the admin

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Added: Sep-16-2008 
By: MPNiea
In:
News
Tags: DNC, RNC, Bush, Obama, Biden, Democrats, Congress
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