White House Backs GSE Reform Bill

The White House has announced its support for a bill that would create a new regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, according to American Banker Online, a MortgageWire affiliate.The bill, sponsored by House Financial Services Committee Chairman Barney Frank, D-Mass., is slated for a vote this week. The White House said it opposes a provision that would require the government-sponsored enterprises to create an affordable housing fund, but otherwise generally supports the legislation. Rep. Frank has been a strong advocate of such a fund.