The true test of the new oversight office will be in its financing and staffing.

Congress should think of some way to insulate the oversight office from partisan tampering.

Mr. Howard, who was singled out for criticism by the oversight office, will offer a similar defense, according to a text of his prepared testimony.

In a statement, Fannie Mae said it would give the oversight office "the information required within the time frame requested."

So the oversight offices were closed.

The securities under scrutiny by the oversight office are bonds backed by mobile homes and aircraft leases.

After complaining to the UN's oversight office his job was effectively abolished and he was investigated for misconduct.

The recalculation could force Fannie Mae to restate its profits downward, although the oversight office did not order that step.

For four hours before his appearance, the subcommittee heard extensive details about the case from Armando Falcon Jr., the director of the oversight office.

The audit was ordered by J. William Leonard, head of the oversight office, after he met with historians on Jan. 27.