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House Creates Fed. Housing Finance Regulator

Law360 (May 23, 2007, 12:00 AM EDT) -- Government-sponsored lenders Fannie Mae and Freddie Mac may soon be subject to closer scrutiny, after the U.S. House of Representatives passed a bill creating a regulator charged with overseeing the companies.

The Federal Housing Finance Reform Act of 2007, passed by the House on Tuesday by a vote of 313 to 104, calls for the creation of an independent regulator to monitor Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

The Federal Housing Finance Agency will be headed by a director serving a five-year...
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