Treasury Secretary Henry M. Paulson Jr., in a meeting on Monday with reporters and editors of The New York Times, said the Fed and the comptroller’s office began combing the books of the two companies after their declining stock prices caused widespread anxiety in the market. The two companies guarantee or own almost half of the home mortgages in the United States. The Bush administration is hoping they can be the engine that pulls the housing market out of its yearlong slide.

Mr. Paulson emphasized that he still believed that the companies have an adequate cash cushion to withstand further declines in the housing market, and that he has no plans to use the new authority he seeks in the near term.

The financial condition of Fannie and Freddie is of keen interest to members of Congress, some of whom have expressed concern about approving a plan without a clearer understanding of the value of the possible losses from mortgage-related securities owned or guaranteed by the two companies.

Some lawmakers and critics are concerned that a further sharp erosion in housing prices could lead to more foreclosures than Fannie and Freddie could absorb without a large investment or loan from the government, which would involve committing taxpayer funds.

The financial health of the two companies is also important to the Fed and the comptroller because many of the banks they regulate hold Fannie and Freddie debt. Banks sometimes use those securities to help meet their own capital requirements.

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