Fannie Mae and Freddie Mac would be brought “on budget” by adding the two government-sponsored enterprises’ outstanding obligations to the federal deficit, while also mandating the use of “fair value” accounting for the FHA to take into account risk as well as borrowing costs, under legislation sponsored by a high-ranking House Republican. Last week, the House Budget Committee passed H.R. 3581, the Budget and Accounting Transparency Act of 2012, introduced by Rep. Scott Garrett, R-NJ, as part of a comprehensive package of 10 reform bills by House GOP members who are pushing to enforce spending...