2003: The Year that Anti-GSE Efforts Turned the Corner? - An Archive of Coverage

GSE - OFHEO - FHLB Editor's Choice - August 2003

Debates about federal subsidies and adequacy of supervision have dogged Fannie Mae and Freddie Mac for years, but something about this year seems different. Competitors and critics on Capitol Hill have tried to impose disclosure requirements or enact regulatory reforms many times, only to be held back by the companies' lobbying strength. The political momentum changed, however, after Freddie's accounting gaffs and management shakeup made for one of the biggest business scandals of the summer.

The problems at Freddie renewed questions about whether the Office of Federal Housing Enterprise Oversight is up to the task of overseeing Fannie and Freddie. Some of the worries about Freddie have creeped over to Fannie, which has had to respond to accusations about the sufficiency of its interest-rate risk management. With the OFHEO chief out the door for political reasons, and the Federal Housing Finance Board chairman involved in his own scandal, the regulatory agencies are vulnerable to reform efforts at a time when Freddie, and maybe even Fannie, are on the ropes.

The following are a selection of articles on GSE-related business and political clashes this year that are divided into three categories. Whether they prove to be the usual much ado about nothing, or represent a turning point, will be seen in the stories that come out the rest of the year.

Selected Article Topics:

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Fannie Mae/Freddie Mac/OFHEO

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Federal Home Loan Banks

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Agency Restructuring

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