The chairman of the House subcommittee with primary oversight responsibility for Fannie Mae and Freddie Mac told attendees of the Mortgage Bankers Associations National Policy Committee in Washington, DC, House subcommittee has to change Fannie and Freddie, but they cant do away with them. Now, that's a given. Rep Paul Kanjorski (D-PA) noted, ironically, that the Financial Crisis Inquiry Commission will be delivering its report on the causes of the financial markets meltdown after all the legislation to reform financial market regulation will have been passed. He told the policy conference that he played a significant role in drafting about half of the legislation that passed in the House to reform oversight of the financial markets.
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