Sources told Bloomberg that the agency's chairman Sheila Bair is "pushing to run the operation", which could be set up as part of the Obama administration's efforts to combat the worsening effects of the credit crisis.
If approved, such a bank would potentially allow the government to re-write some of the distressed mortgages at the heart of the current crisis, which has so far seen 1.3 million Americans lose their homes.
Elsewhere, some banks may be fully nationalized as regulators seek to protect taxpayers' investments.
After meeting with the president ahead of the House vote on the $825 billion economic stimulus package , Senator Bob Corker (R-TN) said nationalization is "going to happen" on some scale.
Meanwhile, AFP reports that the Democrat-backed stimulus plan - which includes $500 million in new spending and around $275 billion in tax cuts - is set to be approved when lawmakers vote later today.