OFHEO issues statement on GSE?s

The Office of Federal Housing Enterprise Oversight (OFHEO) has issued a statement today on the stability and solvency of the GSE's in response to the unprecedented run on their stock prices as increasing turmoil in the housing market drives loan losses skyward. From the OFHEO: For Immediate Release July 10, 2008 STATEMENT OF OFHEO DIRECTOR JAMES B. LOCKHART ?OFHEO has been monitoring and continues to monitor closely Fannie Mae, Freddie Mac and the mortgage and financial markets.  As one would expect, we are carefully watching the Enterprises? credit and capital positions. As I have said before, they are adequately capitalized, holding capital well in excess of the OFHEO-directed requirement, which exceeds the statutory minimums.