WASHINGTON - The General Accounting Office has urged Congress to merge the Federal Housing Finance Board with the Office of Federal Housing Enterprise Oversight, creating a single regulator for all three housing-related government-sponsored enterprises.

The GAO issued its recommendation in a report, released Wednesday, on the Federal Home Loan Bank System. Congress established the system in 1932 to promote home ownership by raising money on Wall Street and lending it to member institutions, which in turn can lend it to homebuyers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.