OFHEO Releases Annual Report to Congress

April 10, 2007

OFHEO Releases Annual Report to Congress

WASHINGTON, DC — James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO) released OFHEO’s 2007 Report to Congress, detailing the agency’s annual examination conclusions and regulatory oversight of government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac for the year 2006. The report concludes that both Enterprises“remain a significant supervisory concern.”

“While both Enterprises made progress in correcting their problems, especially in systems, controls and financial reporting, it has taken much more time and money to correct than the GSEs or OFHEO expected,” said Lockhart. “A key indicator of a successful remediation will be the timely filing of annual and quarterly financial statements by each company with a clean audit opinion based on a controls-based audit. I am pleased to report that both companies are working hard to achieve this goal, but they still have much to do.”

In addition to the annual reports of examination for Fannie Mae and Freddie Mac, the report includes a review and summary of related topics, including:

  • Financial performance of the GSEs
  • OFHEO supervisory actions
  • Remediation efforts
  • Executive compensation
  • OFHEO legislative recommendations
  • OFHEO research and publications
  • Accounting environment at the GSEs
  • Historical data tables for the Enterprises


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.