OFHEO Strategic Plan 2006-2011: “OFHEO has an important and compelling mission “to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae and Freddie Mac.” These Enterprises own or guarantee 41 percent of residential mortgages in the U.S. and are among the largest guarantors and borrowers in the world. In short, they and, thus, we are critical to the success of our nation’s housing finance system.

OFHEO is focused on dealing with major accounting scandals and management failures at Fannie Mae and Freddie Mac and is forcing both Enterprises to correct significant accounting, internal control and management weaknesses identified through our Special Examinations. The costs of these problems are adding up: earnings were misstated by an estimated $16 billion, fines exceeded one-half billion dollars, lawsuits will total well over a billion dollars, and remedial costs will exceed two billion dollars. The Enterprises are making progress in addressing these problems, but it will take several more years to complete their efforts. OFHEO will continue to seek corrective action by each company while continuing oversight of their operations, policies, procedures and risks. However, a much stronger regulatory framework is crucial to future success.”

• OFHEO Oversight Reports to Congress
• Statement of The Honorable James B. Lockhart III, Director, Federal Housing Finance Agency, Before the Senate Committee on Banking, Housing, and Urban Affairs on the Appointment of FHFA as Conservator for Fannie Mae and Freddie Mac, September 23, 2008
• Related postings on financial system