The two largest buyers of home mortgages in this country are two federal sponsored companies: Freddie Mac and Fannie Mae. However, these two companies have been racked by accounting scandals and other problems, and they did not avoid the problems associated with the recent subprime lending crash. Therefore, the U.S. House of Representatives has passed bipartisan legislation for better oversight of these institutions, reports Seattlepi.com:

The vote in the House was 313-104 for the measure providing for
stricter federal supervision of the two government-sponsored companies,
which together finance or guarantee more than three-quarters of U.S.
home mortgages. The legislation also would create a housing aid fund –
worth as much as $3 billion — to be financed by the Federal National
Mortgage Association and the Federal Home Loan Mortgage Corp.

Tags: home mortgages, personal finance, financial planning, finances,
financial goals, regulations Freddie Mac Fannie Mae, mortgage news, U.S. House of Representatives