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GAO Report Says GSE Structure Fragmented, Limits Oversight Ability

Thursday, February 12, 2004 - 1:45AM

The current housing government sponsored entity (GSE) regulatory structure is fragmented, which limits the federal government’s ability to oversee the GSEs’ activities, according to a report published this week by the General Accounting Office. Recent financial reporting problems at Freddie Mac raised concerns about the quality of the GSEs’ corporate governance and regulatory oversight. To assist Congress in reviewing the adequacy of GSE oversight, the GAO submitted this report, which recommends several steps that GSEs, regulators and Congress can take to strengthen GSE oversight, including strengthening GSE corporate governance, creating a single housing GSE regulator and establishing standards to measure GSE mission compliance. Click here for a copy of the report. 

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