PHOENIX - Responding to criticisms of federal regulators by Congress, the top regulator of Fannie Mae and Freddie Mac invoked the Orange County debacle to argue for strong government oversight.
"One of the lessons I have learned . . . is that government regulators have a lot in common with the armed forces," said Aida Alvarez, director of the Office of Federal Housing Enterprise Oversight, which monitors the safety and soundness of the two government-backed agencies.