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White House Sets Forth Plan To Limit Size of Fannie, Freddie
| | Tuesday, May 24, 2005 @ 08:01 AM EDT
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Contributed by: John Michael
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By Annys Shin
Washington Post Staff Writer
Friday, May 20, 2005; Page E01
The Bush administration has backed legislation that could substantially reduce Fannie Mae and Freddie Mac's investment holdings, part of an accelerating push to shrink the size and influence of the mortgage companies.
Hours after Federal Reserve Chairman Alan Greenspan called for strict limits on the two companies, the administration yesterday delivered its proposal for tighter regulation of Fannie and Freddie to House Financial Services Committee Chairman Michael G. Oxley (R-Ohio).
Oxley's committee is slated on Wednesday to consider legislation that would create a more powerful regulator for Fannie and Freddie.
The Senate is expected to consider a similar bill in late June, part of a legislative backlash to accounting scandals at the two companies.
See more on this story at:
http://www.washingtonpost.com/wp-dyn/content/article/2005/05/19/AR2005051901782.html
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