Legislation introduced this week would create a tough new regulator for Fannie Mae and Freddie Mac, while potentially limiting the GSEs’ ability to move into new lines of business. Dubbed the Secondary Mortgage Market Regulatory Improvement Act, the bill, sponsored by Rep. Richard Baker, R-LA, is designed to bypass the political roadblocks that have doomed previous attempts to shore up the oversight of the housing GSEs “It’s not the Baker legislation of old,” the