Poster
09-12-2003, 10:00 AM
Treasury Secretary Snow, went before Congress to ask for stricter government regulation over the two mortgage corporations Fannie Mae and Freddie Mac. His plan would grant the Treasury Department regulatory authority over the politically powerful housing finance giants. Snow asserts that the federal government cannot allow these companies to operate without oversight.
"Housing finance is so important to our national economy that we need a strong, world-class regulatory agency to oversee the prudential operations" of Fannie Mae and Freddie Mac, Snow said in testimony before the House Financial Services Committee.”
Up to this point the Congress shied away from imposing regulations, but after the exposure of Freddie’s bookkeeping shortfalls, it is seriously considering stricter guidelines for the two. According to Snow’s proposal, HUD would continue to oversee Fannie and Freddie’s low income housing sector, while the Treasury would assume the financial regulatory responsibility.
“Taking a different tack from the administration proposal, Senate Republicans on Tuesday called on Congress to consider cutting some or all of the government's ties to Fannie Mae and Freddie Mac to limit taxpayers' exposure in the event of a collapse of either one.”
To learn more go to: http://www.sunspot.net/business/investing/bal-bz.freddie11sep11,0,5146600.story?coll=bal-investing-headlines
"Housing finance is so important to our national economy that we need a strong, world-class regulatory agency to oversee the prudential operations" of Fannie Mae and Freddie Mac, Snow said in testimony before the House Financial Services Committee.”
Up to this point the Congress shied away from imposing regulations, but after the exposure of Freddie’s bookkeeping shortfalls, it is seriously considering stricter guidelines for the two. According to Snow’s proposal, HUD would continue to oversee Fannie and Freddie’s low income housing sector, while the Treasury would assume the financial regulatory responsibility.
“Taking a different tack from the administration proposal, Senate Republicans on Tuesday called on Congress to consider cutting some or all of the government's ties to Fannie Mae and Freddie Mac to limit taxpayers' exposure in the event of a collapse of either one.”
To learn more go to: http://www.sunspot.net/business/investing/bal-bz.freddie11sep11,0,5146600.story?coll=bal-investing-headlines