The Department of Housing and Urban Development completed a regulatory review of Fannie Mae and Freddie Mac's activities last year and it will be informing the GSEs of its findings in separate letters before the end of March. "The review provided a baseline of information on Fannie Mae's and Freddie Mac's business and program activities and examined specific transactions to determine if these are consistent with the GSEs' charter authorities," according to documents included in the President's budget request to Congress. HUD is the mission regulator for the two government sponsored enterprises and it is responsible for determining which activities and programs are consistent with their charter. The letters might include some adverse findings that would require the GSEs to stop or modify some activities.

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