``Though House Financial Services Committee Chairman Barney Frank had wanted to delay the new regulator's creation for several months to allow for more transition time, the final bill created the regulator immediately. As a result, the Federal Housing Finance Agency came into being Wednesday, but the Office of Federal Housing Enterprise Oversight, which regulates Fannie and Freddie, and the Federal Housing Finance Board, which supervises the Home Loan banks, continue to exist for one year in a limited capacity.''

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