Fannie Mae and Freddie Mac should expect to be the subject of special and targeted exams as the Office of Federal Housing Enterprise Oversight looks for emerging problems and continues to monitor the GSEs' efforts to put their houses in order, according to OFHEO's proposed strategic plan.OFHEO plans to "perform targeted examinations that explore areas of concern in a more-in-depth and focused way, pursuing higher risk issues arising from ongoing examinations," the proposed plan says. The comment period ends Sept. 13. The 24-page strategic plan also puts special emphasis on validating the information OFHEO receives from the two government-sponsored enterprises and developing a meaningful risk-based capital standard -- along with "additional measures of capital adequacy, which may require legislation." OFHEO Director James Lockhart also wants the agency's researchers and analysts to focus on key policy issues, such as the implications of loan-limit changes and GSE market share.

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