Meanwhile, the chairman of the House Financial Services Committee predicted Tuesday that there is a "good chance" Congress will pass legislation this year to strengthen the regulation of Fannie Mae and Freddie Mac.Rep. Michael Oxley, R-Ohio, said he will meet soon with his counterpart in the Senate, Sen. Richard Shelby, R-Ala., to discuss the housing GSE issue. He noted that his committee will hold hearings on the government-sponsored enterprises, but could not offer a timetable. Speaking at the same legislative conference, Brian Roseboro, a senior Treasury official, said the White House wants a "world-class" regulator for the GSEs, indicating that the location of the regulator "is not as important as powers." The Treasury Department, though, continues to hold firm in its belief that a GSE regulator should be in charge of both safety and soundness and program regulation.

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