Government regulators say mortgage repurchasers Fannie Mae and Freddie Mac achieved "reasonable levels of profitability" in 2006 while maintaining adequate capitalization and managing potential credit losses from housing-price shock. In their annual report assessing mortgage markets and the government-sponsored entities' financial health, analysts at the Office of Federal Housing Enterprise Oversight (OFHEO) said Fannie and Freddie continue to work on issues related to accounting, systems and internal control problems. Fannie Mae in December released restated financial results for 2002, 2003 and 2004, recording a decrease in retained earnings of $6.3 billion. Fannie Mae released financial statements for 2005 on May 2, 2007, and plans to release financials for 2006 later this year. Under a May 2006 consent order with OFHEO, Fannie agreed to limit its net mortgage portfolio assets to the level held at year-end 2005 -- $727.7 billion -- until OFHEO approves an increase. Until it returns...
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