Dec. 14 (Bloomberg) -- A U.S. House subcommittee advanced legislation that would require regulators to establish standards for mortgage-backed securities.
The Financial Services Committee’s Capital Markets panel voted 18-15 today for the measure.
The requirement is part of a package of bills from House Republicans aimed at dismantling Fannie Mae and Freddie Mac, the mortgage-finance companies that have operated under U.S. conservatorship since they were seized in September 2008. The government-sponsored enterprises, which own or guarantee almost half of U.S. home loans, have drawn more than $170 billion from a Treasury Department lifeline.
The bills must win approval from the full Financial Services Committee before they can be considered by the House.
--Editors: Gregory Mott, Maura Reynolds
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