Fannie and Freddie to get new scrutiny

Fannie Mae and Freddie Mac will face new scrutiny from federal watchdogs, thanks to Senate Banking Committee Chairman Richard Shelby.

The Alabama Republican on Monday requested that the Government Accountability Office and the Congressional Budget Office examine the government-sponsored enterprises and the decision-making of the regulator that acts as their government custodian, the Federal Housing Finance Agency. Shelby said the reports were needed to “ensure that Congress takes steps to protect American taxpayers from risk.”