Senator Phil Gramm (R, Texas), chair of the Senate banking committee, stated that he wants the housing subcommittee to conduct aggressive oversight of the Department of Housing and Urban Development. At his 2000 legislative agenda press conference last week, Gramm specified he wanted the subcommittee to particularly look at the ways in which HUD oversees and regulates Fannie Mae and Freddie Mac.

"Clearly that is one of the areas I want to look at," Gramm said.

However, due to other issues within the committee that have set deadlines for approval, Gramm did not offer any specifics of this plan, including which areas of the government-sponsored enterprises he is concerned about, nor did he offer a time frame in which the plan would be completed.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.