The regulator for Fannie Mae and Freddie Mac told Congress on Thursday that his agency will be ready to implement a comprehensive oversight program for the government-sponsored enterprises on Jan. 1.

"It has taken longer to complete than we ... had hoped, but the approach we have taken is the right one, and the result will be worth the wait," said Mark Kinsey, acting director of the Office of Federal Housing Enterprise Oversight.

Rep. Richard H. Baker, R-La., held the House Banking subcommittee hearing to discuss an Oct. 22 General Accounting Office report that found OFHEO ill prepared to supervise the Federal National Mortgage Co. and the Federal Home Loan Mortgage Co.

OFHEO first released its supervisory plan in 1994.

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