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.

Both Fannie Mae and Freddie Mac have become embroiled in massive accounting scandals over the past year. The executive cadre for both have been replaced, while OFHEO head Armando Falcon Jr. will step down in May.

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