WASHINGTON - Fannie Mae is fighting to reverse a new rule that it fears would excessively tighten regulatory scrutiny over any new activities it wants to take on.

Because Fannie Mae - the Federal National Mortgage Association - is backed by the government, the Department of Housing and Urban Development has a mandate to review any new Fannie Mae programs, and rules to cover such oversight have been on the books for years. But HUD decided to update the rules as part of a comprehensive new regulation to be published Thursday in the Federal Register.

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