Congressman Oxley Sends Document Request To Housing GSEs

April 27, 2004

House Financial Services Committee Chairman Michael G. Oxley (OH) has sent document requests to the Chairmen and CEOs of Fannie Mae and Freddie Mac.

Oxley is seeking information regarding the GSEs’ purchases of loans from private mortgage banks for the purpose of meeting affordable housing goals set by the U.S. Department of Housing and Urban Development. In 2003, Fannie Mae and Freddie Mac engaged in a number of large transactions in excess of $1 billion that transferred loans to their books.

Regarding the inquiry, Oxley said, "The transactions were unusual. In our continuing oversight, it is important to ensure that the GSEs are meeting their public policy goals in a safe and sound manner."