This legislation was introduced in Congress principally be- cause of concerns about how Fannie Mae and Freddie Mac, with a combined $800 billion in assets, function in the economy and how much potential risk they pose to the taxpayer. The Bush Administration supports some, though not all, provisions of the bill. Department of Housing and Urban Development (HLID) extensive responsibility to oversee America's two major providers of residential mortgage capital: the Federal National Mortgage Association, or 'Fannie Mae,' and the Federal Home Loan Mortgage Corporation, or 'Freddie Mac.' The bill also would give the Federal Home Loan Bank System THLBS), which is another source of mortgage capital, greater opportunities to promote housing investment.

2900) is sponsored by Representatives Henry Gonzalez, the Texas Democrat, together with Chalmers Wylie of Ohio, and Marge Roukerna of New Jersey, both Republicans. The Government-Sponsored Housing Enterprise Financial Safety and Soundness Act of 1991 (I-LR. INTRODUCTION The Senate is now considering legislation passed overwhelmingly this Septem- ber by the House of Representatives that will have profound consequences for America's residential mortgage lending industry. HK 29M DOES IT RMUCE THE RISK OF FANNIE AIAE AND I:DDIE MAC FAILURE?

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