Dems Bash Bush Over GSE AH Goals

Democratic leaders are contending that the affordable housing goals developed for Fannie Mae and Freddie Mac by the Department of Housing and Urban Development are "unworkable" and need to be refined through legislation."HUD is raising the goals but doing it badly," Rep. Barney Frank, D-Mass., told reporters The ranking Democrat on the House Financial Services Committee noted that the Senate Banking Committee has approved legislation that would increase and refine the AH goals, but the Bush administration is blocking the bill. Former HUD Secretary Andrew Cuomo and Rep. Frank argued that the administration does not really care about the AH goals but is pushing for an increase as a way to continue its assault against the two government-sponsored enterprises, Fannie and Freddie. "The GSEs can and should do more," Mr. Cuomo said. However, the HUD proposal is problematic, he said, and many housing and lender groups are raising concerns about the rule. The two Democrats held the news conference to bash Bush administration housing policies and promote the housing policies of presidential candidate John Kerry, a Democratic senator from Massachusetts.