NAR testified on reform before Senate Banking Committee

The government regulator that will be charged with overseeing the financial safety and soundness of Fannie Mae and Freddie Mac should be independent of political influence and its authority over their housing missions and programs should remain at the U.S. Department of Housing and Urban Development, Realtor Iona Harrison told the U.S. Senate Banking Committee Oct. 23, testifying on behalf of the National Association of Realtors.

NAR supports credible and vigorous regulation of government-sponsored enterprises Fannie Mae and Freddie Mac.

"Realtors agree that Fannie Mae and Freddie Mac should have an independent regulator for safety and soundness," Harrison, a broker with Realty Executives-Main Street U.S.A. of Upper Marlboro, Md., told the committee.

"However, NAR recommends that any new GSE regulator have the necessary firewalls to ensure that it be independent of the political influence of the Treasury Department, just as the Office of the Comptroller of the Currency and the Office of Thrift Supervision operate currently."