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GOP Congress May Stiffen Regs On Freddie Mac And Fannie Mae; Weakened by scandals, mortgage giants to face hearings in early April.(A)
Byline: SEAN HIGGINS
Republicans have pushed major reforms of Fannie Mae and Freddie Mac for years. This time the mortgage industry giants might be too weak to fend them off.
Accounting scandals have hobbled both government sponsored enterprises, or GSEs, forcing them to restate billions in earnings and fire top executives. Meanwhile, Republicans have bolstered their majorities in Congress.
"The GSEs are weakened, their opponents are emboldened and the goal posts have moved," said Bert Ely, an independent financial consultant and Fannie Mae critic.
Jerry Howard, executive vice president of the National Association of Home Builders, usually an ally of Fannie and Freddie, "absolutely" agrees.
"The allies of the housing finance system as a whole have been badly weakened by the actions of Fannie," Howard said.
Some Democrats may now join the GOP on reform, he said.
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