Mortgage bankers and Freddie Mac were quick to condemn an Office of Thrift Supervision proposal that would pull mortgage bankers and other nonbank lenders under the purview of the Community Reinvestment Act- type mandates and would give regulatory responsibilities to Freddie and Fannie Mae in overseeing lenders that sell mortgages to them.

Acting OTS Director Jonathan L. Fiechter outlined his proposal during a speech before the Michigan League of Savings Institutions July 19.

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