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No. Recommendation Report Status EVL-2013-04-1 FHFA should develop a policy for FHLBank site visits of AHP projects that includes guidance on their frequency, scope, and administration. FHFA’s Oversight of the Federal Home Loan Banks’ Affordable Housing Programs Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2013-04-2 FHFA should conduct and report crosscutting analyses of common issues and themes across the FHLBanks, using appropriate and analytically rigorous methods. FHFA’s Oversight of the Federal Home Loan Banks’ Affordable Housing Programs Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2013-04-3 FHFA should analyze staffing levels needed to perform additional crosscutting analyses and oversee FHLBank site visits of AHP projects, and take appropriate actions to meet those staffing targets. FHFA’s Oversight of the Federal Home Loan Banks’ Affordable Housing Programs Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2013-03-1 FHFA should continue to monitor Freddie Mac’s implementation of its counterparty risk management policies and procedures by: • ensuring that the independence and decisions of the enterprise’s risk management staff are not overridden by business management staff; and Case Study: Freddie Mac’s Unsecured Lending to Lehman Brothers Prior to Lehman Brothers’ Bankruptcy Recommendation agreed to by FHFA; implementation of recommendation pending. • directing Freddie Mac Internal Audit to audit the counterparty credit risk management function annually. EVL-2013-03-2 FHFA should continue to pursue all possible avenues to recover the $1.2 billion in the Lehman bankruptcy proceedings. Case Study: Freddie Mac’s Unsecured Lending to Lehman Brothers Prior to Lehman Brothers’ Bankruptcy Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2013-03-3 FHFA should continue to develop an examination program and procedures encompassing enterprise-wide risk exposure to all of Freddie Mac’s counterparties. Case Study: Freddie Mac’s Unsecured Lending to Lehman Brothers Prior to Lehman Brothers’ Bankruptcy Recommendation agreed to by FHFA; implementation of recommendation pending. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 97
No. Recommendation Report Status EVL-2013-001-1 FHFA should develop a long-term plan to strengthen its oversight of the enterprises’ non-executive compensation through reviews or examinations, focusing on senior professional compensation. The plan should set priorities, ensure that available staffing resources are commensurate with them, and establish an appropriate time frame for its implementation. With respect to the reviews and examinations contemplated by its plan, the agency should consider including the following items as priorities: • the enterprises’ general structures, processes, and cost controls for senior professional compensation; • the enterprises’ controls over compensation offers to new hires; and • the enterprises’ compliance with the pay freeze with respect to the use of promotions and changes in responsibility. FHFA’s Oversight of the Enterprises’ Compensation of Their Executives and Senior Professionals Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2012-009-1 FHFA should continue to monitor Freddie Mac’s hedges and models to ensure the enterprise’s portfolio is hedged within its approved interest rate limits. FHFA’s Oversight of Freddie Mac’s Investment in Inverse Floaters Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2012-009-2 FHFA should conduct periodic reviews and tests of Freddie Mac’s information wall to confirm that the enterprise is not trading on nonpublic information. FHFA’s Oversight of Freddie Mac’s Investment in Inverse Floaters Recommendation agreed to by FHFA; implementation of recommendation pending. 98 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
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Figure 14. Home Price Index 2011 Th
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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 106 and 107: No. Recommendation Report Status EV
Page 108 and 109: 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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