The White House Office of Management and Budget has rejected – ostensibly on procedural grounds – a draft proposed rule by the Office of Federal Housing Enterprise Oversight that would limit indemnification payments by the GSEs. There is not a lot of information about the draft proposal, which would have amended OFHEO’s corporate governance regulation for Fannie Mae and Freddie Mac by prohibiting certain indemnification payments. But OMB’s rejection of the proposal – a…