OFHEO releases annual report to CongressMortgagePress.comOFHEO, Report to Congress, James B. Lockhart, GSEs, Fannie Mae, Freddie Mac
James B. Lockhart, Director of the Office of Federal Housing
Enterprise Oversight (OFHEO) has released OFHEOs 2008 Report to
Congress, detailing the agency's annual examination conclusions and
regulatory oversight of the government-sponsored enterprises
(GSEs), Fannie Mae and Freddie Mac, for the year 2007. The report
concludes that both Enterprises made very good progress in
remediating their operational areas and providing stability and
liquidity to the mortgage markets, but they remain "a significant
supervisory concern" because of increased mortgage market and
credit risk.
"Fannie Mae and Freddie Mac should be commended for the timely
filing of their 2007 annual statements," said Lockhart. "While they
have made progress in fixing many of their systems, internal
controls and risk management problems, they still have much work to
do, especially with the continuing challenges of todays mortgage
market."
"These challenges and the pressures on Fannie Mae and Freddie
Mac to do even more to support the mortgage market require a
stronger regulator," Lockhart said. "As I noted in my transmittal
letter, last month both GSEs agreed that a 'world-class regulatory
structure' is needed and they 'renewed a shared commitment to work
for comprehensive GSE reform legislation. The time to act on the
legislation is now.'"
In addition to the annual reports of examination for Fannie Mae
and Freddie Mac, the report includes a review and summary of
related topics, including:
•Executive Summary
•Financial Performance of the Enterprises
•Capital Classifications of the Enterprises
•OFHEO's Supervisory Actions
•OFHEO Research and Publications
•Accounting at the GSEs
•Historical data tables for the Enterprises
The full report is available by clicking here.
To request a printed copy, please send an e-mail to
[email protected]
or call (202) 414-6922.
For more information, visit www.ofheo.gov.
