Bill brings in supervision on Fannie Mae and Freddie Mac
28th Oct 2005, 02:12 GMT
The U.S. House of Representatives passed a bill to impose supervision on mortgage finance companies Fannie Mae and Freddie Mac. The rule provides for the constitution of a new regulator, called Federal Housing Finance Agency, with overriding powers over the management and operations of the two companies. The bill was approved by a vote of 331 for and 90 against. The White House had opposed the move.