Should federal officials lecture state lawmakers on policy? The general counsel for the Federal Housing Finance Agency, the regulator overseeing Fannie Mae and Freddie Mac, certainly seems to think so.

At issue are two bills backed by California Atty. Gen. Kamala Harris to set new rules for the foreclosure process. The bills ran into stiff opposition from lenders, so the top Democrats in the Assembly and state Senate moved them to a conference committee in the hope of working out a compromise that could keep them on track.

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