The Federal Housing Finance Agency is pushing Fannie Mae and Freddie Mac to devise contingency plans to address the potential meltdown of their business partners. The government-sponsored enterprises – which are themselves still in business under the conservatorship of the FHFA – had placed over 300 “high-risk” counterparties on watch lists as of the third quarter of 2011, according to a new report by the FHFA Office of Inspector General. The failures of four companies that do business with the GSEs have cost them some $6.1 billion since 2008, and they estimated they still have some $7.2 billion in exposure to high-risk counterparties. The OIG wants...