Legislation to tighten the regulation of Fannie Mae and Freddie Mac, the US government-sponsored mortgage companies, will be considered early next month by a Senate committee amid intensifying efforts in Congress to tackle the housing crisis.

A congressional aide on Monday told the Financial Times that Chris Dodd, chairman of the Senate banking committee, had scheduled May 6 to advance a “GSE reform” bill. On the same day, the committee will vote on a $400bn (€251bn, £202bn) intervention in the mortgage market through the Federal Housing Administration.