Bid Would Regulate FHLBs With Fannie,Freddie

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WASINGTON - (03/08/05) -- Officials of the Federal Home LoanBank System are scheduled to testify before Congress Wednesday's onproposals reform of the secondary mortgage market, a prelude tobringing the 12 FHLBs under the same regulator as Fannie Mae andFreddie Mac. The hearing will be conducted by Rep. Richard Baker,R-La., chairman of the Financial Services Subcommittee onGovernment Sponsored Enterprises. Baker is expected to introduce abill next month to tighten federal oversight of the secondarymarket and its key players, Fannie, Freddie and the FHLBs. Amongthose scheduled to testify Wednesday are Ronald Rosenfeld, newchairman of the Federal Housing Finance Board, which currentlyregulates the FHLBs, and David Hehman, president of the FHLB ofCincinnati.

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