The Office of Federal Housing Enterprise Oversight, or OFHEO, has finalized a regulation requiring mortgage giants Fannie Mae and Freddie Mac to report mortgage fraud in a timely fashion, OFHEO said today. The regulation has been finalized for publication in the Federal Register and will be effective 30 days from publication, OFHEO said in a statement. Mortgage fraud continues to increase in the United States, with the number of suspicious activity reports to the Federal Bureau of Investigation in 2004 almost triple those in 2003, according to a report by the FBI released in May. In addition to requiring reporting of fraud to OFHEO, the regulation requires the two government-sponsored enterprises to maintain adequate internal controls, procedures, and training programs to assure an effective system to detect and report actual or possible mortgage fraud. OFHEO's examination force will review information received, which will help in assessing internal controls, security efforts, ma...
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