Tighter Regulation Of Fannie & Freddie Under New Law

Law360, New York (July 29, 2008, 12:00 AM EDT) -- In response to the deepening mortgage crisis, President Bush signed into law on Wednesday a sweeping bill that will stop foreclosure on at least 400,000 homes, pour some $4 billion into emergency assistance funds to hard-hit communities and buoy sinking lending giants Fannie Mae and Freddie Mac.

The bill, which passed a week ago in the U.S. House of Representatives and three days later in the Senate, restructures government regulation of Fannie Mae and Freddie Mac by authorizing a new regulator and permitting the secretary of...
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