Washington -- House Financial Services Committee chairman Michael Oxley, Rep.-Ohio is lending his support toward White House effort to pare down the massive portfolios of mortgage financing giants Fannie Mae and Freddie Mac.

At a hearing on Capitol Hill this week, Oxley, a co-sponsor, along with Rep. Richard Baker, R-La., of a recent measure to tighten the current regulation for both by creating a new agency to replace Office of Federal Housing Enterprise Oversight, current overseer of the mortgage giants.

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