A bill is making progress in Congress that would move the agency that oversees Fannie Mae and Freddie Mac from the Department of Housing and Urban Development to the Treasury Department. Both HUD and the agency - the Office of Federal Housing Enterprise Oversight (OFHEO) - are opposed to the shift.

Aida Alvarez, who heads the office, explained her position recently at the Eastern Secondary Mortgage Market Conference in Raleigh, N.C. Excerpts appear below.

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