Federal Housing Enterprises: Ofheo Faces Challenges in Implementing a Comprehensive Oversight Program
Assesses the operations of the Office of Federal Housing Enterprise Oversight (OFHEO) contained in the Dept. of Veterans Affairs/HUD Appropriations Act of 1997. Provides information on OFHEO's development of risk-based capital standards, implementation of an examination program, establishment of mission support functions, & participation in a U.S. initiative to assist Mexico in developing a secondary mortgage loan market. Makes recommendations to the director of OFHEO on strengthening reporting to Congress on the development of the risk-based capital standards & ensuring adequate resources for the examinations program. Tables.
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Page 1 - Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, including the United States Postal Service, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. (6) The term "Federal building...
Page 1 - The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Home Loan Bank Board...
Page 4 - Office oversees the financial safety and soundness of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to ensure that they are adequately capitalized and operating safely.
Page 4 - Congress established and chartered the enterprises as ° government-sponsored, privately owned and operated corporations to enhance the availability of mortgage credit across the nation during both good and bad economic times. The enterprises...
Page 2 - Ranking Minority Member Subcommittee on VA, HUD, and Independent Agencies Committee on Appropriations United States Senate The Honorable...
Page 21 - Mae had to issue new short-term debt at higher rates to replace existing short-term debt that came due. Because interest earned on the old mortgages in portfolio was less than interest expenses on new debt, Fannie Mae experienced total losses of about $277 million between 1981 and 1984. (The type of risk Fannie Mae faced in the early 1980s is referred to as interest rate risk.) In response, the federal government provided limited tax relief and regulatory forbearance in the form of relaxed capital...
Page 18 - Consequently, Congress passed the Federal Housing Enterprises Financial Safety and Soundness Act of 1992...
Page 35 - OFHEO officials' estimates of the time that they devoted to the Mexico initiative. We did our work between December 1996 and April 1997 in accordance with generally accepted government auditing standards. We provided copies of a draft of this report to OFHEO for review and comment. The Acting Director provided written comments on the draft report's analysis and recommendations, which are summarized in chapters 2 and 3 and reprinted in appendix IV.