The House Financial Services Committee has sent a letter to Sens. Richard Shelby, R-Ala., and Paul Sarbanes, D-Md., encouraging them to reach a bipartisan compromise on GSE legislation that the Senate could pass before Congress adjourns in early October for the elections."We firmly believe that the outstanding differences in the [government-sponsored enterprise] legislative debate are less than ever before and that final agreement can be reached this session," said a Sept. 14 letter signed by 64 members of the House committee. "This Congress should not close without addressing the serious inadequacies of the current GSE regulatory system." Senate Banking Committee Chairman Shelby, with the support of Treasury Secretary Henry Paulson, is trying to work out a compromise with committee Democrats over the regulation of Fannie Mae's and Freddie Mac's giant mortgage portfolios.

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