Removing Fannie, Freddie program oversight from HUD would harm housing, NAHB says

The Department of Housing and Urban Development's (HUD) ability to improve housing opportunities for America's working families would be severely undermined if Congress were to agree to a Bush Administration plan to transfer the current program oversight of Fannie Mae and Freddie Mac from HUD to the Treasury Department, the nation's home builders told lawmakers today.

Testifying before the House Financial Services Committee, Kent Conine, president of the National Association of Home Builders (NAHB) and a home and apartment builder from Dallas, said such a change raises grave concerns about the future of the nation's housing finance system.