“Over the last two years, this country has seen the collapse of reputedly well-run companies like Enron and WorldCom. This follows Freddie Mac’s recent disclosure of management failures and accounting deficiencies in upwards of $4.5 billion in understated earnings.
Earlier today, the committee held an oversight hearing about the effectiveness of the Office of Federal Housing Enterprise Oversight (OFHEO), which regulates Freddie Mac’s financial safety and soundness. (Washington, D.C.) The Council for Citizens Against Government Waste (CCAGW) commended the Senate Committee on Banking, Housing and Urban Affairs for working to address Freddie Mac’s recent accounting problems and calling for increased scrutiny. “More transparency is needed before disaster strikes,” says Paige
