"Under the watchful eye of a knowledgeable mission regulatorwithin HUD, Fannie Mae and Freddie Mac could stretch theircapability to do even more to meet our nation's affordable housingneeds," says NHC President Conrad Egan, explaining the rationalebehind NHC's plea to congressional members. "At the same time, itis essential that Congress act responsibly to ensure the safety andsoundness of these important agencies by assigning their financialregulation to the Treasury Department."

The main goal of putting the recommended supervisory bodies intoplace would be to shore up the nation's housing finance systems bymaintaining the effectiveness and financial stability of the twolenders. Any changes would presumably be instituted through theSecondary Mortgage Market Enterprises Regulatory Improvement Act,which is scheduled for markup in the House Financial ServicesCommittee today.

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