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Senate Banking Committee Plans Fannie, Freddie Hearing

WASHINGTON - The Senate Banking Committee has tentatively scheduled a hearing July 22 to consider the nomination of Mark Brickell to supervise Freddie Mac and Fannie Mae. The Brickell confirmation hearing would become the fourth congressional hearing scheduled on the government sponsored enterprises in the wake of Freddie Mac's accounting...

By Staff Writer | Updated on July 22, 2003

WASHINGTON – The Senate Banking Committee has tentatively scheduled a hearing July 22 to consider the nomination of Mark Brickell to supervise Freddie Mac and Fannie Mae. The Brickell confirmation hearing would become the fourth congressional hearing scheduled on the government sponsored enterprises in the wake of Freddie Mac’s accounting problems and management shakeup last month. Brickel is a 25-year veteran of J.P. Morgan Chase Co. and former chairman of the International Swaps and Derivatives Association. He was most recently chief executive of Blackbird Holdings Inc., which operates an electronic trading system for derivatives. Fannie Mae and Freddie Mac use derivatives to hedge against interest rate risk as homebuyers refinance their mortgages when interest rates fall. In addition, Shelby is scheduled to hear from Armando Falcon, director of the Office of Federal Housing Examination Oversight on July 17. -

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