Saturday, August 14, 2004

OFHEO strengthens oversight of Fannie, Freddie

Federal agency chief testifies before Congress

The Office of Federal Housing Enterprise Oversight is strengthening its supervisory program of Fannie Mae and Freddie Mac, director Armando Falcon Jr., told U.S. House of Representatives subcommittees Friday.

OFHEO, which is designed to oversee those two government-sponsored entities, has been under fire since Freddie Mac announced it misstated financial earnings by billions of dollars due to accounting missteps. But Falcon said OFHEO is restructuring the agency by reorganizing the annual examination function into two fully staffed units, one for Freddie Mac and one for Fannie Mae. An examiner-in-charge heads each unit.

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