Regulators may get power to liquidate Freddie, Fannie

Critics fear changes could limit access to mortgages

The U.S. Senate banking committee today is set to mark up a draft bill that could give federal regulators the power to shut down Fannie Mac or Freddie Mac if either of them was in danger of insolvency.

The Republican-sponsored "Federal Housing Enterprise Regulatory Reform Act of 2004" would combine supervision of all so-called government-sponsored entities under one roof and make additional reforms in how Freddie Mac and Fannie Mae are regulated.