Oversight Bill Still on Hold

A House bill that would tighten oversight of housing finance companies Fannie Mae and Freddie Mac may remain stalled, despite a compromise announced Wednesday by key congressional leaders.

On Tuesday, House Financial Services Chairman Michael G. Oxley (R-Ohio) and Rep. Richard A. Baker (R-La.) said the bill would probably go to the floor next week after they agreed to change a controversial affordable housing fund provision so that money would go first to areas damaged by Hurricane Katrina. Despite that expectation, after meeting yesterday with the bill's opponents and House Majority Leader Tom DeLay (R-Tex.), the two sides did not bridge their differences, several congressional aides said.