House Bill Targeting Fannie Mae, Freddie Mac Passed

Law360, New York (October 28, 2005, 12:00 AM EDT) -- Mortgage-buying giants Fannie Mae and Freddie Mac are facing increased scrutiny after the U.S. House of Representatives passed Wednesday legislation to tighten its grip on the government-sponsored companies amid high-profile accounting scandals.

The bill, if passes by the U.S. Senate and signed by President Bush, would create a stronger federal regulator with greater authority over the government-sponsored companies, which together guarantee more than three-quarters of U.S. mortgages.

The bill enjoys bipartisan support in Congress, where the House passed it with a 331-90 vote. However, the White...
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