The House of Representatives last week voted overwhelmingly for legislation creating an independent regulator for the housing government-sponsored enterprises, along with a new private fund for affordable housing, though observers expect more rough sailing for the controversial measure. On Oct. 25, legislators passed H.R. 1461, the Federal Housing Finance Reform Act of 2005, by a vote of 331-90 after a lengthy debate. The passage of the bill highlights six years of effort by House…