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		Home Page Mortgage News You Can Use Senator Seeks New Fannie Mae Regulator By JEFFREY McMURRAY Associated Press Writer WASHINGTON (AP) -- Senate Banking Chairman Richard Shelby said Saturday he will move to eliminate the regulator of Freddie Mac and Fannie Mae and replace it with a stronger, more independent federal watchdog for the home-loan giants. The Alabama Republican's announcement was made in an address prepared for an American Bankers Association conference in Fort Lauderdale, Fla. He said he expects his Senate panel will take up the legislation next month. Shelby had been vague in the past about his desire to beef up regulation in response to accounting problems at the government-sponsored corporations. In his remarks Shelby said the current regulator, the Office of Federal Housing Enterprise Oversight, isn't capable of properly supervising them. "The agency was, in many regards, designed to fail in its mission," Shelby said. "We cannot tolerate inadequate and ineffective regulation of entities as important to the U.S. home mortgage market as Fannie Mae and Freddie Mac." An advance copy of the lawmaker's speech was given to The Associated Press.   Back to Original Article: Mortgage News You Can Use   Continue with: U.S., Allies Stress Growth Need at Summit Bush says U.S. economy in "lasting expansion" G7 Seeks Consensus on Coping with Dollar Treasurys Close Sharply Higher on Weak Job Growth Job Growth in January Disappoints US TREASURY OUTLOOK-Greenspan testimony, Treasury refunding Stocks Could Slip as Earnings Taper Off Time to Be Choosy as Rally Stalls EARLY STAGES OF RECOVERY
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