Rep. Richard Baker has assembled an impressive line-up of housing superstars for his round table discussion this afternoon on how best to strengthen federal supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

And why not? These government sponsored enterprises are responsible for the life blood of housing -- mortgage money. In one way or another, they touch more than six out of 10 home loans.

The Louisiana Republican is chairman of the House Banking Committee's Capital Markets, Securities and Government Sponsored Enterprises Subcommittee and the author of controversial legislation that would tighten supervision and regulation of the housing GSEs and impose more market discipline on their activities.

With so little time left in this election-shortened legislative session, there's absolutely no chance that Rep. Baker's bill will reach the President's before the Chief Executive rides off into the sunset. But Baker is sponsoring the round table discussion in hopes of building a consensus on creating a regulatory board to oversee the housing GSEs.

Not surprisingly, the chairmen of Fannie Mae and Freddie Mac, Franklin Raines and Leland Brendsal, will participate in what is sure to be an extremely lively discussion. So will the Office of Federal Housing Enterprise Oversight, the agency that currently oversees the safety and soundness of the GSEs.

However, the GSEs other regulator, the Department of Housing and Urban Development, had yet to confirm its participation as of late last week. But former Under Secretary Nicolas P. Retsinas will be present. Retsinas is now director of the Harvard Joint Center for Housing Studies.

Most of the key trade associations will be represented -- as will a number of think tanks, most of which believe Fannie Mae and Freddie Mac need to be reigned in. And home buyers, sellers and owners will be represented by the Consumers Union and AARP. In all, 29 participants were listed by the subcommittee.