Bush tried to increase regulation of Freddie and Fannie in 2003?

[pinkpops]

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63

I saw a reference to this on an ABCNEWS comment thread. I'm thinking there s more to the story.
What is it all about?

[yourout]

1. Yah right.

[ismnotwasm]

2. This paragraph maybe

"The administration's proposal, which was endorsed in large part today by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies' exemptions from taxes and antifraud provisions of federal securities laws."