Senator Slams Fannie Over TV Ad

A senior Republican on the Senate Banking Committee has criticized Fannie Mae for a television ad it started airing a few days before the panel began considering legislation to create a new GSE regulator.On Thursday, just before the panel was scheduled to vote on the bill and key amendments, Sen. Chuck Hagel, R-Neb., said he found it "astonishing that a government-chartered enterprise would challenge our right to consider this legislation." The senator added that "this kind of junk does not help the debate." In the ad, which appeared on CNBC and other television outlets, a Hispanic couple talk about the pending bill and how it might lead to higher mortgage rates. The husband says, "It looks like Congress is talking about new regulations on Fannie Mae." At the end of the ad a narrator says, "There's a lot at stake as Congress considers changes in home finance. Taking the wrong path will close the door of homeownership to millions of Americans." MortgageWire asked Fannie Mae for a transcript of the ad, but the company did not respond. A source provided a copy of the transcript. Fannie Mae can be found online at http://www.fanniemae.com.