Keeping the housing finance system free of fraud is immensely important to everyone.
Practically the only good thing the Bush administration has done is put the screws on Fannie and Freddie to put a stop to the fraud that was going on there. Democrats are doing a real disservice to us by not cooperating.
Committee Passes Tighter Regulation Of Fannie, Freddie
July 29, 2005
WASHINGTON -- Prospects for enacting tough new oversight on Fannie Mae and Freddie Mac improved as the Senate Banking Committee approved a regulatory bill strongly endorsed by the Bush administration.
The legislation still faces an uncertain fate in both chambers. It got no Democratic votes in committee, and even some Republicans raised concerns over provisions that would force sharp cuts in the companies' combined $1.5 trillion investment portfolios. A companion House bill, which is friendly to the companies and is opposed by Federal Reserve Chairman Alan Greenspan and the White House, is stalled over a low-income-housing provision.
