Rule Mandates GSE Record Retention

Fannie Mae and Freddie Mac must create and maintain a record retention program that provides examiners with ready access to complete and accurate records, according to a final rule approved by the Office of Federal Housing Enterprise Oversight."With this regulation, the enterprises will have an obligation to maintain and promptly produce records needed for regulatory examinations and other proceedings -- an essential element of safe and sound operations," OFHEO Director James Lockhart said. OFHEO is giving the two government-sponsored enterprises 120 days to implement their record retention programs before taking enforcement actions for noncompliance. The regulator acknowledged that the GSEs are in the process of developing and upgrading their record management systems. 'To that end, both during the 120-day implementation period and afterwards, OFHEO encourages each enterprise to submit relevant materials to and confer with its examiner-in-charge as needed to ensure that its record retention program is compliant," the final rule says.