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by CareyBot

Mortgage heavyweights Fannie Mae and Freddie Mac likely face tougher oversight reform proposals over the coming year in light of President Bush's re-election and Republican gains in both houses of Congress, according to industry observers. Since the Freddie Mac accounting scandal rattled investors last year, Congressional members have crafted and discussed passing legislation to strengthen oversight of the housing government-sponsored enterprises, or GSEs. But Congress failed to pass any bills, slowed by lengthy debates on various details. The stalemate scenario may be changing. Observers believe the Bush administration is ready to aggressively pursue GSE reform and that with more Republicans now in Congress, it has the political muscle to make those changes. Reform proposals likely will ...