Fannie Mae and Freddie Mac are seeking significant revisions to a regulatory rule that forces them to submit all new products and activities for review, arguing it is too restrictive and goes against congressional intent.

In a rare joint comment letter sent this week to the Federal Housing Finance Agency (FHFA), the two government-sponsored enterprises objected to several parts of the July 2 interim rule, saying it was unnecessarily burdensome and ineffective, and could make it difficult for the GSEs to help during a crisis.

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