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Oct 22

Leveling the Playing Field

The Heritage Foundation's Lehrman Auditorium

Freddie Mac's accounting lapses and the resulting management changes raise serious questions about the effectiveness of their government regulator. Fannie Mae and Freddie Mac are multi-trillion dollar congressionally chartered private companies that play a huge role in America's housing industry. Even the slightest concern about their finances could have serious consequences for a vital sector of the US economy, and legislation has been proposed to strengthen the regulator. A financially sound Fannie Mae or Freddie Mac that focuses on its mission, and not on extraneous profit making opportunities for its stockholders, will result in lower mortgage rates for all homebuyers and for low-income homebuyers in particular.

An October 8 House Financial Services Committee markup was cancelled when questions rose about whether Chairman Mike Oxley's bill could be strengthened by adding additional, more effective regulatory tools. What is the best way to regulate Fannie Mae and Freddie Mac to preserve a growing housing market - and especially one that creates new opportunities for lower income families? What is the best way to create a regulator that will ensure that both companies remain financially sound and compete fairly?

More About the Speakers

The Honorable Mel Martinez
Secretary, Department of Housing and Urban Development

Followed by a Panel Discussion featuring
Wayne Abernathy
Assistant Secretary of Treasury for Financial Institutions
John Weicher
Assistant Secretary of Housing and Federal Housing Commissioner, Department of Housing and Urban Development
Peter Wallison
Resident, Fellow, American Enterprise Institute and
Former White House Counsel

Hosted By

David C. John David C. John

Senior Research Fellow in Retirement Security and Financial Institutions Read More