WASHINGTON - The Office of Federal Housing Enterprise Oversight has issued several rule proposals to clarify its authority and oversight of Fannie Mae and Freddie Mac.

One rule would give the regulator the authority to prohibit "excessive compensation" of Fannie and Freddie executives and to approve individual termination packages provided by the government-sponsored enterprises. The rule would codify the office's current practices.

Another proposal would clarify the office's power to issue cease-and-desist orders and to impose corrective and remedial sanctions, including civil money penalties, on Fannie and Freddie.

The comment period for the executive compensation rule ends March 27; comments on the cease-and-desist order rule are due Feb. 26.

The Housing Enterprise Office also issued a policy guidance asking the enterprises to adopt written policies about their nonmortgage investments and to provide broader disclosure about their investment activities.

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