Today Warren Buffett wade in on the Fannie Mae and Freddie Mac rescue plan implemented by Hank Paulson’s Treasury Department in a CNBC interview. Buffet agrees with the plan saying, “The Secretary did exactly the right anything”.

Fannie Mae and Freddie Mac Rescue

Buffet says, “I wouldn’t change anything myself” about the governments bailout plan for Fannie Mae and Freddie Mac.

The Paulson pushed GSE reform bill known as the Housing Economic Recovery Act of 2008 (H.R. 3221) which earlier this week passed the House has now passed the Senate becoming law with the President’s signature which he already pledged to give by the end of July. I first read about the Senate passage in a OFHEO press release.

The Housing Bill containing the Paulson GSE bailout plan goes the House floor for a vote today. The bill as written by the Senate has a $4 Billion in grant provision for local governments to buy foreclosed homes directly. The President threatened a veto if this provision is in the final bill but has since retracted his opposition.