OFHEO's Progress in Implementing a Comprehensive Oversight Program for Fannie Mae and Freddie Mac

Pursuant to a congressional request, GAO provided information on the progress of the Office of the Federal Housing Enterprise Oversight (OFHEO) in implementing the recommendations in GAO's October 1997 report on OFHEO's efforts to help ensure the financial safety and soundness of the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), focusing on: (1) OFHEO's progress in completing the risk-based capital rule by 1999; and (2) OFHEO's implementation of its financial safety and soundness examination responsibilities.