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RCED-85-102 1 (1985-04-15)

handle is hein.gao/gaobabezw0001 and id is 1 raw text is: REPORT BY THE Comptroller General OF THE UNITED STATES The Federal National Mortgage Association,,,,,i I A' Changing Economic Environment FNMA is the nation's largest investor in residen- tial mortgages. Its $88 billion in mortgages makes it the nation's third largest company. Its principal business--purchasing mortgages by rais- ing funds with shorter-term debt--is inherently risky and can result in losses if interest rates rise or in greater profits if rates fall. Although not legatly bound to provide assistance, the govern- ment may carry a contingent liability, because the financial community believes it would stand behind FNMA's debt if necessary. Congress gave HUD oversight and regulatory authority over FNMA and wide discretion in per- forming this role. But HUD has not performed certain important functions, such as reporting to Congress on how FNMA's public benefits may be changing or how FNMA's growth has increased the government's potential risk. GAO recommends that Congress clarify and strengthen the regulatory and oversight struc- ture for FNMA and provide GAO with audit authority. 126732 01 GAO/RCED-85-102 0lCO 040, x APRIL 15, 1985

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