WASHINGTON — The House passed the Federal Housing Finance Reform Act of 2007 (H.R. 1427)–better known as the GSE bill–this afternoon.
The legislation seeks to tighten regulatory oversight of the housing government sponsored enterprises by creating a new regulator that can limit portfolio growth of Fannie Mae and Freddie Mac for safety and soundness concerns.
The measure, sponsored by House Financial Services Committee Chairman Barney Frank (D-Mass.), passed the House 313-104.
A similar bill (S. 1100) was introduced in the Senate April 12 by Senator Chuck Hagel (R-Neb.).
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