The Labour and Liberal Democrat leaders of Manchester, Bristol, Portsmouth, Lambeth and Hackney are pressing the government to let them compete with banks by offering mortgages. The call is being echoed by London’s local authority umbrella group, London

Under the Fannie Mae and Freddie Mac rescue plan, some Congressional oversight of the lenders would shift to a new regulator. Some say the plan doesn?t go far enough.

May 14 (Bloomberg) -- Freddie Mac , the second-largest U.S. mortgage-finance company, reported a smaller loss than analysts estimates after accounting changes reduced charges by at least $2.6 billion.

Troubled mortgage finance giant Freddie Mac on Wednesday reported a market-shocking loss in the second quarter as the US housing slump deepened and slashed its dividend at least 80 percent.

Aug. 5 (Bloomberg) -- Fannie Mae and Freddie Mac , the biggest U.S. mortgage-finance companies, may report net losses through the first quarter of 2009 as home-loan delinquencies rise to the highest on record, analysts' estimates show.