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January 17, 2005 10:52 AM

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Excerpt: The National Association of Home Builders, complicating White House and congressional plans to rein in Fannie Mae and Freddie Mac, warned that mortgage rates could rise if investors lose confidence in the government backing of the two companies.

The National Association of Home Builders, complicating White House and congressional plans to rein in Fannie Mae and Freddie Mac, warned that mortgage rates could rise if investors lose confidence in the government backing of the two companies.

At its convention here, the industry group approved a resolution stating that it will oppose steps that would undermine the government's "implied guarantee" of the two mortgage companies' $1.7 trillion in debt. Though the U.S. Treasury regularly denies there is any guarantee, investors' belief that the government would rescue Fannie or Freddie in a crisis helps them borrow money cheaply in the bond market.

In a speech to the group, Freddie's chairman and chief executive, Richard F. Syron, warned the administration and Congress against "unintended consequences" of any legislation that could hurt the housing market.

Both the home builders and Mr. Syron focused on what is likely to be a central issue in the legislative debate: How much backing Fannie and Freddie should have from the federal government.

In the wake of accounting scandals at the two government-sponsored companies, the Bush administration is pushing for legislation that would create a tough new regulator for Fannie and Freddie. The two companies -- chartered by Congress to promote housing but owned by private shareholders -- buy mortgages from banks and other lenders. Among other things, the administration wants the regulator to have the power to put the companies into receivership if they can't meet their obligations. The idea is to discourage investors from assuming the government would bail out Fannie or Freddie if they ran into financial trouble.

That assumption, shared by many investors, allows the companies to borrow at rates only slightly higher than those paid by the U.S. Treasury. The builders called for limiting any new regulator's power to force the companies into receivership.

The receivership issue helped block efforts on similar legislation last year. Both Fannie and Freddie are eager for Congress to pass legislation that would end the uncertainty that has been dogging the two companies since Freddie's accounting troubles erupted two years ago. That scandal and a more recent one at Fannie led to the ouster of top executives from both companies and the emergence of leaders more willing to compromise over regulation. But renewed arguments about receivership suggest that it still won't be easy to pass legislation.

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HELOC Rates Move Closer To Home Equity Loans (January 23, 2005)

The spread between rates for home equity loans and home equity lines of credit, or HELOCs, has narrowed significantly since the Federal Open Market Committee began boosting rates in June 2004. The rate differential is now just over half of what it was last June ...

Finding an Affordable Home Gets Harder (January 17, 2005)

Even with mortgage rates near historic lows, many buyers are having a tougher time finding a home that's within their budget. Home prices have become so high in nearly 30 metropolitan areas nationwide that someone earning the median income can't afford a median-price home, based ...

What Is Your Home Worth? (January 04, 2005)

We're considering buying a home that has an assessed value of $120,000 for tax purposes and an asking price of $140,000. How can we determine what the house is really worth? —Sharon, Trinity, North Carolina The first thing I can tell you is that I ...

U.S. Sales Of Existing Homes Hit Record (December 29, 2004)

Sales of U.S. existing homes rose 2.7 percent in November to a record seasonally adjusted annual rate of 6.94 million, the National Association of Realtors said Wednesday. The median sales price of an existing home rose 10.4 percent on a year-over-year basis to $188,200, marking ...

Read all 37 posts in the same category of Home and Mortgage:

Why a Real Estate Agent May Skip the Extra Mile - Aug 14, 2006
Fed Chief Sees Home Price Bubble - Feb 21, 2005
Title Insurance Protects Lenders. So Why Shouldn't They Pay for It? - Feb 10, 2005
The Shiller Interview - Jan 25, 2005
HELOC Rates Move Closer To Home Equity Loans - Jan 23, 2005
Finding an Affordable Home Gets Harder - Jan 17, 2005
What Is Your Home Worth? - Jan 04, 2005
U.S. Sales Of Existing Homes Hit Record - Dec 29, 2004
What Length Mortgage Should You Get? - Dec 27, 2004
Maneuvering Property-Swap Tax Details - Dec 27, 2004
No Money Down - Dec 24, 2004
New Home Sales Tumble - Dec 23, 2004
If The Bubble Bursts... - Dec 18, 2004
Housing Starts Tumble, But ... - Dec 18, 2004
A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004

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