Administration opposes GOP bill on regulating Fannie Mae, Freddie Mac

Administration opposes GOP bill on regulating Fannie Mae, Freddie Mac: "The Bush administration came out Friday in opposition to Republican-written legislation that would tighten regulation of Fannie Mae and Freddie Mac because it would let Congress overrule a decision by regulators to take over either of the mortgage giants in a financial failure.
Treasury Secretary John Snow and Alphonso Jackson, the new head of the Department of Housing and Urban Development, said the bill approved Thursday by the Senate Banking Committee 'would have been a substantial step forward' except for the provision giving Congress that override authority."