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No. Recommendation Report Status AUD-2012-008-1 FHFA should reassess the nondelegated authorities to ensure sufficient FHFA involvement with major business decisions. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-2 FHFA should evaluate the internal controls established by the enterprises, including policies and procedures, to ensure they communicate all major business decisions requiring approval to the agency. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2012-008-3A FHFA should evaluate Fannie Mae’s mortgage pool policy commutations to determine whether these transactions were appropriate and in the best interest of the enterprise and taxpayers. This evaluation should include an assessment of Fannie Mae’s methodology used to determine the economic value of the seven mortgage pool policy commutations. This assessment should include a documented review of Fannie Mae’s analysis, the adequacy of the model(s) and assumptions used by Fannie Mae to determine the amount of insurance in force, fair value of the mortgage pool policies, premiums forgone, any other factors incorporated into Fannie Mae’s analysis, and the accuracy of the information supplied to FHFA. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-3B FHFA should evaluate Fannie Mae’s mortgage pool policy commutations to determine whether these transactions were appropriate and in the best interest of the enterprise and taxpayers. This evaluation should include a full accounting and validation of all of the cost components that comprise each settlement discount (risk in force minus fee charged), such as insurance premiums and time value of money applicable to each listed cost component. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 93
No. Recommendation Report Status AUD-2012-008-4 FHFA should develop a methodology and process for conservator review of proposed mortgage pool policy commutations to ensure that there is a documented, sound basis for any pool policy commutations executed in the future. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-5 FHFA should complete actions to establish a governance structure at Fannie Mae for obtaining conservator approval of counterparty risk limit increases. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-6 FHFA should establish a clear timetable and deadlines for enterprise submission of transactions to FHFA for conservatorship approval. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-7 FHFA should develop criteria for conducting business case analyses and substantiating conservator decisions. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-8 FHFA should issue a directive to the enterprises requiring them to notify FHFA of any deviation from any previously reviewed action so that FHFA may consider the change and revisit its conservatorship decision. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Closed—Final action taken by FHFA. AUD-2012-008-9 FHFA should implement a riskbased examination plan to review the enterprises’ execution of and adherence to conservatorship decisions. FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2012-006-1 FHFA’s Deputy Director of the Division of Enterprise Regulation (DER) and Office of Financial Analysis’ Senior Associate Director should ensure that the agency analyzes opportunities to use call report system (CRS) information to facilitate supervision and regulation of the enterprises. FHFA’s Call Report System Closed—Final action taken by FHFA. 94 Federal Housing Finance Agency Office of Inspector General
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Federal Housing Finance Agency Offi
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Section 3: Lessons for Housing Fina
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OIG’s Accomplishments from 2010 t
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A Message from the Acting Inspector
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insures mortgages against credit lo
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Semiannual Report to the Congress
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in a number of criminal and civil i
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Figure 3. Scoring of Investor Quali
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and provide for financial consequen
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Figure 5. Agreements Between Fannie
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2010 to 2012, but the attrition rat
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Figure 8. Estimated Enterprise Aggr
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operations that pose the greatest r
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poor financial condition, Appalachi
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fraud and wire fraud involving a fi
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This was a joint investigation with
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y falsified, forged, and altered do
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Short Sale Schemes A short sale occ
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This was a joint investigation with
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at Appalachian concealed past due l
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indemnification payments that OIG p
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the SEC, and others. In July 2013,
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Figure 10. Overview of the Enterpri
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Figure 12. Enterprises’ Annual Ne
Page 50 and 51: Figure 14. Home Price Index 2011 Th
Page 52 and 53: educe the principal balance of Trea
Page 54 and 55: Figure 17. FHLBanks’ Net Income f
Page 56 and 57: multifamily housing lending busines
Page 58 and 59: The bill would replace the enterpri
Page 60 and 61: mortgage credit. For its part, the
Page 62 and 63: Figure 20. Reform Models and Reform
Page 64 and 65: Multifamily We have also found indi
Page 66 and 67: Based on recent history, a reformed
Page 68 and 69: Figure 26. The Mortgage Servicing P
Page 70 and 71: Even though the FHFA senior examine
Page 72 and 73: assistance to homeowners and to use
Page 74 and 75: positive NPV, then the servicer is
Page 76 and 77: Siloed Practices: Harmonizing Busin
Page 78 and 79: Semiannual Report to the Congress
Page 80 and 81: overseen by FHFA. As conservator, F
Page 82 and 83: Interest Rate Swap: An interest rat
Page 84 and 85: References Federal Deposit Insuranc
Page 86 and 87: Department of the Treasury Financia
Page 88 and 89: Acronyms and Abbreviations Agency A
Page 92 and 93: Figure 29. Summary of OIG Recommend
Page 94 and 95: No. Recommendation Report Status AU
Page 104 and 105: No. Recommendation Report Status EV
Page 114 and 115: Audit and Evaluation Reports with R
Page 116 and 117: Appendix D: OIG Reports See www.fhf
Page 118 and 119: Appendix F: Description of OIG Offi
Page 120 and 121: Strategic Goal 2—Operating with I
Page 122 and 123: Figure 17. Federal Home Loan Banks
Page 126 and 127: 15 Federal Housing Finance Agency,
Page 128 and 129: 33 Fannie Mae, “Multifamily Busin
Page 130 and 131: Federal Home Loan Banks Office of F
Page 132 and 133: to FHFA Scorecard Directive, at 48,
Page 134 and 135: it is preferable to limit our discu
Page 136 and 137: Position in the Housing Finance Sys
Page 138 and 139: 144 Fannie Mae, “Comparison of Mu
Page 140 and 141: 157 Id., “Mortgage Servicing,”
Page 142 and 143: 184 Federal Housing Finance Agency,
Page 144 and 145: Transparency and Certainty for Lend
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