Convinced that Fannie Mae’s and Freddie Mac’s current regulatory regime is far too lax, GSE watchdog group and critic FM Watch is urging the Office of Management and Budget to undertake a comprehensive review of the two GSEs’ current risk-based capital requirements. “The [risk-based capital] rule as it now stands is essentially dysfunctional and the rulemaking process has become a farce. We’re asking OMB to put an end to all of this embarrassment and