While most secondary market participants agree the industry is far from perfect, last week's fourth hearing on a bill designed to exert greater control over the government sponsored enterprises reflected the great diversity of opinion out there on how to most effectively assuage the market's problems.

Groups who deal directly with the GSEs spoke at the House subcommittee on capital markets hearing last Thursday. According to Rep. Richard Baker (R., La.), sponsor of the bill and chairman of the subcommittee, the hearings have achieved the goal of serving as a springboard to discuss reform in regard to systemic risk, GSE status and mission and regulatory oversight.

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