facebook
twitter
rss
account
search
search
 

Baker proposes new housing regulator

April 5, 2005 at 9:07 PM   |   Comments

WASHINGTON, April 5 (UPI) -- Rep. Richard Baker, R-La., unveiled legislation Tuesday creating an independent regulator to oversee housing giants Fannie Mae and Freddie Mac.

The Financial Services Capital Markets Subcommittee Chairman's measure would replace the Department of House and Urban Development's Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board.

The new agency would be given broad authority to reduce the mortgage portfolios of the government-sponsored enterprises and enforcement abilities that are similar to those of banking institutions.

Senate Banking Committee Chairman Richard Shelby, R-Ala., has said overhauling the regulatory structure overseeing the mortgage firms would be a top priority during 2005, although he has yet to produce his own measure or say when it will be presented.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
North Korea publicly executes 10 people for watching South Korean soap operas North Korea publicly executes 10 people for watching South Korean soap operas
2
France holds up delivery of warships to Russia France holds up delivery of warships to Russia
3
Ex-Navy SEAL probed over bin Laden revelations Ex-Navy SEAL probed over bin Laden revelations
4
Father upset over Islam history lesson barred from school over threats Father upset over Islam history lesson barred from school over threats
5
Controversial cartoon depicts Netanyahu as 9/11 pilot Controversial cartoon depicts Netanyahu as 9/11 pilot
Trending News
Around the Web
x
Feedback