OFHEO (Office of Federal Housing Enterprise Oversight) FY2006-2011

摘要

OFHEOs mission statement embraces its congressional mandate to ensure the safety and soundness of Fannie Mae and Freddie Mac. Through oversight of the Enterprises, OFHEO contributes to a stable housing sector and a strong national housing finance system. OFHEO was established as an independent agency within the Department of Housing and Urban Development by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Title 13 of P.L. 102-550). OFHEOs primary mission is ensuring the capital adequacy and safe and sound operation of two government-sponsored enterprises the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Fannie Mae and Freddie Mac (the Enterprises) are congressionally-chartered, publicly-owned corporations whose shares are listed on the New York Stock Exchange. They were created to provide a secondary mortgage market to support affordable housing and to provide stability and liquidity to the secondary mortgage market. The Enterprises buy mortgages from commercial banks, thrift institutions, mortgage banks, and other primary lenders, and either package them into mortgage-backed securities (MBS) for resale to investors or hold these mortgages in their own portfolios as mortgages or MBS. These secondary mortgage market operations play a major role in creating a ready supply of mortgage funds for American homebuyers. The Enterprises have become two of the worlds largest financial institutions. Their combined guaranteed MBS represent 26% of the secondary mortgage market and their portfolio holdings 14%.Since 2003, when OFHEO initiated a Special Examination of Freddie Mac,and shortly there after initiated a Special Examination of Fannie Mae, OFHEO identified serious deficiencies and sought corrective action. Through these in-depth and sustained examinations, culminating in a series of reports and subsequent agreements, the agency found a disregard of accounting rules,internal controls, and disclosure standards; mismanagement; earnings manipulation and the failure of Boards of Directors to be adequately informed.