WASHINGTON — A long-awaited risk-based capital rule for Fannie Mae and Freddie Mac has been completed and is under review by the Office of Management and Budget, a regulator said Monday.

Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, said that his agency is working informally with staff members at the Office of Management and Budget, which must approve all major rules before they are finalized. He would not divulge the content of the rule, which has been proposed twice in the eight years since OFHEO was created, but said he hopes to issue it in final form in the first half of next year.

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