Federal Reserve Chairman Alan Greenspan today told a Congressional committee that Congress needs to take action to improve the regulatory oversight of Fannie Mae and Freddie Mac. The two giant government-sponsored entities securitize and resell or own a substantial portion of the outstanding home mortgage debt in the United States. "The expansion of home ownership is a widely supported goal in this country...But there are many ways to enhance the attractiveness of home ownership at significantly less potential cost to taxpayers than through the opaque and circuitous GSE paradigm currently in place," Greenspan said. Greenspan told the Senate Committee on Banking, Housing, and Urban Affairs that Congress must not only create a stronger regulator, but also place new limits on the issuance of GSE debt and the purchase of both mortgage and nonmortgage assets. Investors persist in their belief, despite warnings and protestations to the contrary, that the federal government backs the GS...
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