House Republicans gave Treasury chief Henry Paulson an earful Wednesday about the administration’s rescue package for mortgage giants Fannie Mae and Freddie Mac.

The two companies will have a chance to make it up to their congressional detractors during a housing industry reception at the Republican National Convention in Minnesota in September.

Fannie and Freddie are sponsoring a reception at the Graves Hotel in Minneapolis on Sept. 2, along with the Independent Community Bankers of America, the National Association of Home Builders and the National Association of Realtors, according to a copy of the invitation.

But while House Republicans can expect to consume their fill of shrimp cocktail and chardonnay at Fannie and Freddie’s expense, don’t expect to see any Republican senators at the shindig. In fact, under the 2007 ethics and lobbying law, senators are prohibited from attending lobbyist sponsored bashes at conventions. The House decided to keep that loophole in place so their members can enjoy the major parties that have been a staple of presidential conventions over the years. This difference between House and Senate ethics has not gone unnoticed by government watchdog groups.

The title of the reception is “Building Stable Communities for America’s Future,” and invitations went to some of the most outspoken opponents of the administration’s plan to temporarily extend credit to Fannie and Freddie and potentially purchase an equity stake in the two private companies.

This could be the most entertaining event of the entire week if the cocktail party is anything like the closed-door session Wednesday between Paulson and his Republican colleagues in the House. It might give loyal conventioneers another chance to watch their Treasury secretary arguing with the top Republican on the House Financial Services Committee about who called whom and when over the weekend …

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