WASHINGTON — The federal government’s long-awaited capital rules for Fannie Mae and Freddie Mac cleared another hurdle last week when the Office of Management and Budget announced it would complete its review within three months.

The rules have been in the works since 1992, when Congress created the Office of Federal Housing Enterprise Oversight to supervise the secondary mortgage market companies. Lawmakers gave OFHEO until the end of 1994 to impose bank-like risk-based capital rules on Fannie and Freddie. But the agency made several failed attempts before finally settling on a version in December.

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