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WASHINGTON (AP) - Legislation to tighten federal oversight of the two biggest buyers of home mortgages, Fannie Mae and Freddie Mac, cleared the House Tuesday.
However, the bill could lose the critical support of the Bush administration because of a new provision trimming the authority of federal regulators.
The vote in the House was 313-104 for the measure providing for stricter federal supervision of the two government-sponsored companies, which together finance or guarantee more than three-quarters of U.S. home mortgages. The legislation also would create a housing aid fund — worth as much as $3 billion — to be financed by Fannie Mae and Freddie Mac.
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