(a) Authority. The Secretary has general
regulatory power respecting the
Federal National Mortgage Association
(‘‘Fannie Mae’’) and the Federal Home
Loan Mortgage Corporation (‘‘Freddie
Mac’’) (referred to collectively as Government-
sponsored enterprises
(‘‘GSEs’’)) and is required to make such
rules and regulations as are necessary
and proper to ensure that the provisions
of the Federal Housing Enterprises
Financial Safety and Soundness
Act of 1992 (‘‘FHEFSSA’’), codified generally
at 12 U.S.C. 4501–4641; the Fannie
Mae Charter Act, 12 U.S.C. 1716–1723h;
and the Freddie Mac Act, 12 U.S.C.
1451–59, are accomplished.
(b) Relation between this part and the
authorities of OFHEO. The Director of
the Office of Federal Housing Enterprise
Oversight (‘‘OFHEO’’) will issue
separate regulations implementing the
Director’s authority respecting the
GSEs. In this part, OFHEO and the Director
are only referenced when the Director’s
responsibilities are connected
with the Secretary’s responsibilities.