Industry News


GSE reform bill does not preserve presidential appointees to board

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Wednesday's article, "House passes GSE reform bill," contained out-of-date information about the number of appointments the president would make to the boards of Fannie Mae and Freddie Mac under the provisions of HR 1427. Under their current charters, Fannie's and Freddie's boards are to consist of 18 members, five of whom appointed by the president. The Bush administration, which opposes federal appointments to the boards, has left those positions vacant. As passed by the House, HR 1427 would do away with presidential appointments and reduce Fannie's and Freddie's boards to 13 members. Proposed amendments to the bill which would have preserved three or five presidential appointees were defeated, or never adopted. ...