Law360, New York (March 7, 2008, 12:00 AM EST) -- In the midst of a nationwide mortgage crisis, the Government Accountability Office is urging Congress to create a single regulator to oversee government-sponsored housing enterprises like Fannie Mae and Freddie Mac in hopes of repairing what it considers a “fragmented” federal oversight structure.
On Thursday, GAO Director William Shear unveiled the agency’s latest report on the issue to the U.S. Senate Committee on Banking, Housing and Urban Affairs. He maintained that the field of GSE regulation is too crowded right now to be effective.
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