A plan for tighter supervision of Fannie Mae and Freddie Mac passed the U.S. House of Representatives Wednesday with added elements creating a private fund for affordable housing and giving priority to hurricane-affected areas. H.R. 1461, the Federal Housing Finance Reform Act of 2005, passed the House Wednesday by a vote of 331-90. The bill must be passed by the Senate to become law. The bill would create a new, independent regulator for the government-sponsored enterprises and the Federal Home Loan Bank system. It was authored by House Financial Services Committee Chairman Michael G. Oxley (Ohio) and Capital Markets Subcommittee Chairman Richard H. Baker (La.) Additionally, the legislation would create a new, private fund for affordable housing and give priority to areas of the country affected by the recent spate of hurricanes. Oxley said, "The bill will increase the supply of affordable housing and target it to the folks who need it. Additionally, it will protect taxpayers, homeo...
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