The watchdog agency charged with overseeing Fannie Mae, Freddie Mac and their regulator is planning a review of their efforts to rein in the cost of force-placed insurance , according to two sources familiar with the matter.

The outside probe will be conducted by the inspector general that oversees the Federal Housing Finance Agency, the GSEs' regulator. It is unclear what exactly the review will cover, but it comes in the wake of the FHFA's decision in February to kill a Fannie Mae plan that consumer advocates say would have sharply lowered the cost of force-placed insurance.

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