On May 23, 2006, the Fannie Mae and Freddie Mac regulator, the Office of Federal Housing Enterprise Oversight, issued the results of a 27 month long investigation.
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OFHEO, now merged into the new FHFA, annually sets the limit of the size of a conforming loan in response to the October to October change in mean home price.
OHFEO director James B. Lockhart III oversaw the agency at its conception, but departed after less than a year.
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