Expanded powers, resources and efficiency for housing regulators are things the General accounting Office would like to see from a proposed merger of the Federal Home Loan Bank and the Office of Federal Housing Enterprise Oversight, and a report it issued Dec. 9 could have Washington policy makers considering it.

Regulation of Fannie Mae. Freddie Mac and the Federal Home Loan Bank system "could be done more effectively by a single independent regulator," the report said. It suggested the new Office of Federal Housing Enterprise Oversight, which has just established itself in the Office of Thrift Supervision headquarters in Washington. Such consolidation of the FHLB and the new regulator of Fannie and Freddie could result in better regulation at less cost, the Gao said.

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