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Baker Pursues Regulatory Push.(Brief Article)
Some Congressional leaders continue to believe that the Office of Federal Housing Enterprise Oversight needs stronger enforcement tools to oversee the safety and soundness of Fannie Mae and Freddie Mac, which both last month received strong financial ratings.
A General Accounting Office report, requested by Rep. Richard Baker, R. La., found that OFHEO does not have the same latitude as Federal bank regulators when it comes to issuing cease and desist orders, ordering the removal of officers and directors, or placing a supervised entity into receivership.
"It is difficult to determine the impact of these differences, particularly since OFHEO, to date, has not had to take any formal enforcement actions," GAO says in its report to Rep. Richard Baker, R., La.
GAO found that OFHEO generally uses informal enforcement actions to get the two government sponsored enterprises to take corrective actions.
OFHEO is required to report any formal enforcement actions to Congress and GAO notes that "these disclosure provisions may encourage ...
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Source: HighBeam Research, Baker Pursues Regulatory Push.(Brief Article)