"When you don't have regulatory oversight, you're cruising for a bruising," Watts said in a telephone interview from his home in Norman, Oklahoma. The investigation at Freddie Mac "is a wake up call for all of us to have a strong, single regulator."
Watts says the companies' present regulator, the Office of Federal Housing Enterprise Oversight, isn't qualified to regulate the S&P 500 companies. He said the companies overreached their mandates by entering the mortgage refinancing business.
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