The Office of Federal Housing Enterprise Oversight has issued examination guidance regarding Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities.”

The guidance outlines standards for OFHEO examiners to apply when overseeing and evaluating the use of the fair value option already adopted by Fannie Mae and Freddie Mac. It sets forth OFHEO’s expectations for practices that will promote sound risk management and controls, support the integrity of regulatory capital measures, and foster transparent and consistent financial reports by the enterprises.

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