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WASHINGTON – The office of Federal Housing Enterprise Oversight (OFHEO) which regulates the housing Government Sponsored Enterprises Freddie Mac and Fannie May awarded a contract to Deloitte & Touche LLP to supplement the agency’s efforts to conduct a special examination of accounting policies and practices at Fannie Mae. The contract, for up to $5.7 million, is being funded by resources provided to OFHEO in fiscal 2004. Five vendors submitted competitive bids for the contract in response to OFHEO’s Request for Proposal. The review follows a special examination of accounting and management practices at Freddie Mac. In the Fannie Mae review, OFHEO will examine, among other things, accounting practices and internal controls at Fannie Mae, with emphasis on the identification of any control weaknesses or unusual transactions. The examination is expected to take up to a year to complete. The contract is effective immediately.

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