A new report by the Congressional Budget Office recommends using “fair value” as the capital measurement for Fannie Mae and Freddie Mac, at a time when the Office of Federal Housing Enterprise Oversight is reviewing its own capital regulation of the GSEs, including the use of fair value. The CBO report, “Measuring the Capital Positions of Fannie Mae and Freddie Mac,” was prepared with the assistance of five OFHEO staffers, and came at the request…