Regulators inspecting Fannie and Freddie

WASHINGTON, July 22 (UPI) -- Regulators are examining the books of the two largest U.S. mortgage brokers in advance of congressional votes on a federal rescue plan, officials said.

Authorities from the Federal Reserve Bank and the Comptroller of the Currency are examining records at the Federal Home Mortgage Corp. and the Federal National Mortgage Association, The New York Times reported Tuesday.

At stake is a White House-supported plan to extend lines of credit and allow the government to purchase equity in the government-sponsored enterprises.

Fannie Mae and Freddie Mac are cornerstones of the U.S. mortgage market with a collective debt of $1.5 trillion. But, their shares values have eroded in recent weeks as the housing market has soured, the Times reported.

U.S. Treasury Secretary Henry Paulson Jr., has said the rescue plan isn't technically a bailout since it would be backed by "strong collateral."

The U.S. House of Representatives is expected to vote on the plan this week and the U.S. Senate soon after that, the Times reported.