WASHINGTON, Feb 2 - The White House on Monday urged stronger oversight of government-sponsored housing finance enterprises, saying financial problems at one of them could quickly spread to the rest of the U.S. financial system. The Bush administration, in the analysis of the U.S. economy that accompanied its 2005 budget proposal, said the three housing GSEs -- Fannie Mae , Freddie Mac , and the Federal Home Loan Bank system -- hold significantly less capital in relation to their assets than similarly sized financial institutions. "A consequence of that highly leveraged condition is that a misjudgment or unexpected economic event could quickly deplete this capital, making it difficult for a GSE to meet its debt obligations," the budget document said. In such a crisis, the many institutions that hold GSE debt would see a drop in the value of their assets and liquidity, causing the financial problem to spread, the administration said.//

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