The Federal Housing Enterprise Regulatory Reform Act co-sponsored by McCain does appear to place some regulation on Fannie and Freddie but as with many congressional song and dances things can get a bit fuzzy. If McCain did truly attempt to provide some regulation that is indeed commendable. However, when we get to the fuzzy part the regulation would come from an independent agency not the federal government. That too is not necessarily a bad thing but if Freddy and Fannie cronies make up the agency that provides the regulation the whole thing is just for show. Since McCain has somewhere between 15 and 20 former Freddie or Fannie lobbyists and/or staffers on his campaign staff one does wonder about his intent. Also, the Reform Act was proposed in 2005 before Democrats had a small majority in congress and when committee heads were Republicans. The act was killed in a Republican controlled committee. However, I do not doubt that we have Democrats who also need to be replaced.