The Office of Federal Housing Enterprise Oversight (OFHEO), Fannie Mae's safety and soundness regulator, has reviewed several of Fannie Mae's accounting practices, focusing on the implications of those practices on the adequacy of Fannie Mae's regulatory capital, the quality of its management, and the overall safety and soundness of the enterprise. OFHEO issued a preliminary report of its findings on September 17, 2004. Following the issuance of OFHEO's report, Fannie Mae sought guidance from the Commission's accounting staff regarding accounting policy matters associated with Fannie Mae's compliance with Statement Nos. 91 and 133. Although it is unusual for the accounting staff to provide such guidance while there are pending investigations by the Commission and other agencies, Fannie Mae requested our guidance because, in its view, these accounting issues have received extraordinary public attention and resulted in the mortgage and capital markets experiencing uncertainty.