Oversight for Fannie Mae, Freddie Mac Suggested

WASHINGTON, DC-In a letter to Congress, the National Housing Conference has urged lawmakers to create an official oversight team to regulate the congressionally chartered affordable housing lending firms Fannie Mae and Freddie Mac. NHC is recommending the establishment of a mission regulator in HUD, and a financial regulating entity in the US Department of Treasury.

“Under the watchful eye of a knowledgeable mission regulator within HUD, Fannie Mae and Freddie Mac could stretch their capability to do even more to meet our nation’s affordable housing needs,” says NHC President Conrad Egan, explaining the rationale behind NHC’s plea to congressional members. “At the same time, it is essential that Congress act responsibly to ensure the safety and soundness of these important agencies by assigning their financial regulation to the Treasury Department.”