More GSE legislation has hit Capitol Hill. But this time, there’s a new twist: rather than strengthening regulation or mandating new disclosures, the bill targets Fannie Mae’s and Freddie Mac’s pocketbooks. H.R. 2117, the “Secondary Mortgage Market Fair Competition Act,” would amend the two GSEs’ charters to allow state and local governments to tax their earnings. Currently, the two secondary-market giants are required to pay state property tax, but they are exempt from the