Bush Admin. Had a Plan To Create An Agency for Fannie Mae and Freddie Mac In 2003-Truth!

An eRumor quoting a New York Times article from 2003 that claims the Bush administration had recommended the most significant regulatory overhaul in the housing industry in a decade, A new agency would be created under the Department of the Treasury to assume supervision of Freddie Mac and Fannie Mae. The concept was met with opposition by the Congressional Democrats because at the time the lending agencies were not facing any kind of financial crisis.