United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2005-04-21 monographic deposited born digital 19 p. GA 1.13:GAO-05-576T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-576T P0b002ee1803957dc f:d05576t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-05-576T machine generated eng fdlp REPORT GAOREPORTS-GAO-05-576T GAO-05-576T Accounting standards Agency missions Government sponsored enterprises Housing Housing programs Lending institutions Mortgage programs Regulatory agencies Reporting requirements Risk management Testimony A22079 Serious concerns exist regarding the risk management practices and the federal oversight of the housing government-sponsored enterprises (GSE)--Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System (FHLBank System), which had combined obligations of $4.6 trillion as of year-end 2003. In 2003, Freddie Mac disclosed significant accounting irregularities. In 2004, the Office of Federal Housing Enterprise Oversight (OFHEO) cited Fannie Mae for accounting irregularities and earnings manipulation. Fannie Mae has to restate its financial statements for 2001-2004 and OFHEO has required the GSE to develop a capital restoration plan. Also in 2004, the FHLBanks of Chicago and Seattle entered into written agreements with their regulator, the Federal Housing Finance Board (FHFB), to implement changes to enhance their risk management. To assist Congress in its housing GSE oversight, this testimony provides information on GSEs' missions and risks, the current regulatory structure, and proposed regulatory reforms. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-576T/html/GAOREPORTS-GAO-05-576T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-576T/pdf/GAOREPORTS-GAO-05-576T.pdf GAO-05-576T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-576T Testimony GAO-05-576T; Housing Government-Sponsored Enterprises: A New Oversight Structure Is Needed; Accounting standards Agency missions Government sponsored enterprises Housing Housing programs Lending institutions Mortgage programs Regulatory agencies Reporting requirements Risk management