Good morning, Fannie Mae!

Is it just me, or did I just blog about Fannie Mae late yesterday? I did. But the Cranky Bad News just keeps rolling in. At least, it's bad news if you're a coddled GSE executive who's used to ruling your roost with nary a contrary word from anyone else.

MarketWatch reports that later today the chairman of the House subcommittee with jurisdiction over Fannie and Freddie will introduce legislation tightening regulation on the two GSEs. (I'll be keeping my Cranky Eyes open for the actual text of the legislation once it becomes available.) This move comes as the subcommittee prepares for yet another GSE hearing set for tomorrow.

Of course, in a perfect world they would be talking about privatizing the mortgage companies instead of regulating them more heavily. Then again, if bears were bees and bees were bears, we wouldn't have to climb up all these stairs (quoth Milne). Since privatization isn't likely to happen any time soon, we should take what we can get. And that happens to come in the form of tighter regulation.