Skip to main content
  • Click to open or close the program search boxShow Me Programs
    • Show me the programs that are
      performing Go
    • Show me the programs that are
Program Assessment


View Assessment Details

Office of Federal Housing Enterprise Oversight

The purpose of the program is to ensure the safety & soundness and capital adequacy of two Government-Sponsored Enterprises, Fannie Mae and Freddie Mac. OFHEO conducts continuous supervision, targeted risk-based examination, and analysis to monitor the GSEs' status against risk assessment factors and capital standards.


What This Rating Means


This rating describes a program that needs to set more ambitious goals, achieve better results, improve accountability or strengthen its management practices.
  • In recent years, the program has improved effectiveness in identifying and addressing significant and systemic issues at the Enterprises that need attention. However, OFHEO had not implemented certain bank regulator-like risk measures by 2006, so a complete performance history is not available. An independent evaluation of sufficient quality and scope has not been conducted for the program.
  • The program's effectiveness is restricted by limited statutory authority. The Office does not have express powers similar to those of other safety and soundness regulators, such as receivership authority, flexible authority to set capital standards, independent litigation authority, and a full range of enforcement powers.
  • OFHEO is the only safety and soundness regulator whose funding is subject to the timing and amount approved in an annual appropriations bill. Budget flexibility is critical to ensuring the agency can adapt and respond quickly to changing circumstances at either enterprise.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Implement the GSE Enterprise Risk assessment structure to serve as the basis for new performance measures by updating handbooks and the automated supervisory tool, and training new supervision staff.
  • Report Enterprise performance using the composite and category-level ratings under the GSE Enterprise Risk assessment structure.
  • Proposing to abolish OFHEO and establish a new regulator with receivership authority, flexible authority to set capital standards, and a full range of enforcement powers.

Learn More

The content on is developed by the U.S. Office of Management and Budget and Federal agencies.