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No. Recommendation Report Status EVL-2012-005-2 FHFA should strengthen the regulatory framework around the FHLBanks’ extension of unsecured credit by considering the utility of: • establishing maximum overall exposure limits; • lowering the existing individual counterparty limits; and • ensuring that the unsecured exposure limits are consistent with the FHLBank System’s housing mission. FHFA’s Oversight of the Federal Home Loan Banks’ Unsecured Credit Risk Management Practices Recommendation agreed to by FHFA; implementation of recommendation pending. EVL-2012-001-1 FHFA should develop and implement a clear, consistent, and transparent written enforcement policy that: • requires troubled FHLBanks (those classified as having supervisory concerns) to correct identified deficiencies within specified time frames; FHFA’s Oversight of Troubled Federal Home Loan Banks Recommendation agreed to by FHFA; implementation of recommendation pending. • establishes consequences for their not doing so; and • defines exceptions to the policy. EVL-2012-001-2 FHFA should develop and implement a reporting system that permits agency managers and outside reviewers to assess readily examination report findings, planned corrective actions and time frames, and their status. FHFA’s Oversight of Troubled Federal Home Loan Banks Closed—Final action taken by FHFA. EVL-2012-001-3 FHFA should consistently document key activities, including recommendations to remove and replace senior officers and other personnel actions involving FHLBanks. FHFA’s Oversight of Troubled Federal Home Loan Banks Closed—Final action taken by FHFA. EVL-2011-006-1 FHFA should promptly act on the specific, significant concerns raised by FHFA staff and Freddie Mac internal auditors about its loan review process. Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America Recommendation partially agreed to by FHFA; implementation of recommendation pending. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 101
No. Recommendation Report Status EVL-2011-006-2 FHFA should promptly initiate management reforms to ensure that senior managers are apprised of and timely act on significant concerns brought to their attention, particularly when they receive reports that the normal reporting and supervisory process is not working properly. Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America Closed—Final action taken by FHFA. 102 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
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Figure 17. FHLBanks’ Net Income f
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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 106 and 107: 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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