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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (15987)	9/5/2000 2:45:40 PM
From: Ken98	Read Replies (1) \| Respond to of 436258

<<Fannie Mae chief blasts housing agency reform bill WASHINGTON, Sept 5 (Reuters) - The head of mortgage finance giant Fannie Mae blasted legislation to more tightly regulate his company, Freddie Mac and other so-called government sponsored enterprises, warning that consumers would ultimately suffer. ``It would choke off innovation stifling our ability to adapt with the lenders we serve in the changing mortgage market,'' Fannie Mae Chairman and Chief Executive Franklin Raines wrote in an Aug. 25 letter to House lawmakers released Tuesday. Raines' concerns, made to the House Banking Committee's capital markets subcommittee, were among more than 100 other comments submitted by housing authorities, financial firms and others opposed to a bill crafted by Louisiana Republican Richard Baker that would create tough new regulation for Fannie Mae (NYSE:FNM - news) and Freddie Mac (NYSE:FRE - news). Baker, who chairs the subcommittee, is also seeking input from Federal Reserve Chairman Alan Greenspan and the Treasury Department officials who are expected to reiterate their concerns about the growth of Fannie Mae and Freddie Mac. Lawmakers will weigh those comments at a special Sept. 12 roundtable. The bill -- which seeks to strip away U.S. government backing of these powerful entities by cutting lines of credit made available to them by the Treasury Department -- was introduced earlier this year and has sparked some turmoil in U.S. mortgage markets.>> Note how Raines and Dems whine about "home ownership" and the "mission" of the GSEs - no mention of the BILLIONS they are pushing in commercial apartment loans. Note also the opposition from "financial firms" (read Wall Street underwriters) to the legislation and the corresponding loss of underwriting fees. Not to mention that many of those same firms are beneficiaries of some of those apartment loans.