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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (591)2/25/2004 7:44:58 AM
From: Wyätt Gwyön   of 116555
 
WASHINGTON -- Federal Reserve Chairman Alan Greenspan, steward of the world's most important economy, said mortgage giants Fannie Mae and Freddie Mac pose "very serious" risks to the U.S. financial system and urged Congress to curb their growth "sooner rather than later."

Mr. Greenspan's unusually blunt remarks, his sharpest criticisms to date of the two government-sponsored, shareholder-owned companies, suggest he senses a political opportunity is at hand to force change in how Fannie and Freddie are regulated. Pressure has mounted on Congress and the Bush administration to tighten regulation of the two entities, which borrow heavily to buy huge portfolios of mortgages from banks and other financial institutions, but legislation to rein them in has stalled. Besides pressuring legislators, Mr. Greenspan's remarks might further encourage the Bush administration to act on its own if legislation doesn't pass.

online.wsj.com
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