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Treasury Will Review GSE Debt Issue Review Process; HUD Pledges More GSE Transparency Speaking to a Women in Housing Finance meeting on June 13, 2006, Treasury Department Undersecretary Randall Quarles announced that the automatic approvals of Fannie Mae's and Freddie Mac's debt issuance is under review in light of the accounting scandals at the two GSEs and continued weaknesses in their accounting systems, risk management practices, and internal controls. However, Secretary Quarles said the Administration still wants GSE reform legislation, like that in S. 190, Sen. Richard Shelby's (R-AL) bill. Separately, but clearly intended to dovetail with the Treasury action, HUD Secretary Alphonso Jackson told a congressional caucus meeting, "I look forward to working with Congress on establishing a strong new regulator, but until this legislation is passed, I intend to use authority granted me by the Federal Housing Enterprises Financial Safety and Soundness Act to increase the transparency of the GSE’s [sic]." Secretary Jackson said that HUD will initiate a review of Fannie Mae and Freddie Mac non-mortgage investments and holdings, with a focus on transactions classified on their financial statements as "other assets/other liabilities." HUD is the mission and housing programs regulatory for Fannie Mae and Freddie Mac. Both statements are viewed as the Administration's efforts to jumpstart stalled GSE reform legislation and as positioning for a planned Senate hearing on the OFHEO Fannie Mae accounting special examination. The Administration supports S. 190, which passed the Senate Banking Committee on a strict partisan vote. The House adopted its bill, H.R. 1461, earlier this year with only 90 members voting against it. CONTACTS: Lynn King 202-383-1156, Jeff Lischer 202-383-1117  GSEs Latest News
Federal Issues In Brief: GSEs
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