Washington (Sept. 29, 2003) -- Following news that mortgage securities concern Freddie Mac’s massive earnings restatement would now be delayed until November, lawmakers reportedly could vote this week on legislation to create a new oversight body for Freddie Mac and its sister company, Fannie Mae.

Currently both are overseen by the Office of Federal Housing Enterprise Oversight, an agency within the Department of Housing and Urban Development.

However, Treasury Secretary John Snow has lobbied on Capitol Hill for both to come under the regulatory auspices of the Treasury via a newly created agency.

Freddie Mac has come under recent fire following an admission that it underreported its 2000-2002 earnings by as much as $4.5 billion. The organization was supposed to release its restatements Sept. 30.

-- WebCPA staff

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