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Semiannual Report to the Congress • April 1, 2013–September 30, 2013 5
Section 1: OIG Description, Accomplishments, and Strategy Description OIG began operations on October 12, 2010. It was established by the Housing and Economic Recovery Act (HERA), which amended the Inspector General Act. OIG conducts audits, evaluations, investigations, and other law enforcement activities relating to FHFA’s programs and operations. OIG’s operations are funded by annual assessments that FHFA levies on the enterprises and the FHLBanks pursuant to 12 U.S.C. § 4516. For fiscal year 2013, OIG’s operating budget (see Figure 1, below) was $48 million, with 150 full-timeequivalent staff. Figure 1. OIG’s Operating Budget for Fiscal Year 2013 Supplies and Materials 2% Equipment 3% Travel and Transportation of Things 2% Linick, who was sworn into office on October 12, 2010. Mr. Linick resigned on September 29, 2013, and his Principal Deputy Inspector General, Michael P. Stephens, commenced acting in the capacity of Inspector General pursuant to 5 U.S.C. § 3345(a)(1). Mr. Stephens was appointed as Principal Deputy Inspector General in September 2011. Prior to his joining OIG, Mr. Stephens served as Acting Inspector General and Deputy Inspector General for the Department of Housing and Urban Development (HUD). Earlier, he was the Deputy Assistant Inspector General for Investigations for the Department of Veterans Affairs and a senior criminal investigator for the Office of Inspector General for the Resolution Trust Corporation. Each of these appointments followed a distinguished 20-year career with the Secret Service, during which he held the distinction of being assigned to the Presidential Protection Division at the White House, along with various supervisory positions within the agency. Contracts 17% Fixed Operational Costs a 19% Federal Staff 57% OIG consists of the Acting Inspector General, his senior staff, and OIG offices, principally: the Office of Audits (OA), the Office of Evaluations (OE), and the Office of Investigations (OI). Additionally, OIG’s Executive Office and the Office of Administration provide organization-wide supervision and support. (See Appendix E for OIG’s organizational chart and Appendix F for a detailed description of OIG’s offices and strategic goals.) a Fixed operational costs include items such as space rent and shared service agreements. Leadership and Organization On April 12, 2010, President Barack Obama nominated FHFA’s first Inspector General, Steve A. Accomplishments and Strategy From April 1, 2013, to September 30, 2013, OIG’s significant accomplishments included: (1) issuing 16 audit, evaluation, and other reports; (2) participating 6 Federal Housing Finance Agency Office of Inspector General
Page 2 and 3: Federal Housing Finance Agency Offi
Page 4 and 5: Section 3: Lessons for Housing Fina
Page 6 and 7: OIG’s Accomplishments from 2010 t
Page 8 and 9: A Message from the Acting Inspector
Page 10 and 11: insures mortgages against credit lo
Page 14 and 15: in a number of criminal and civil i
Page 16 and 17: Figure 3. Scoring of Investor Quali
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Page 20 and 21: Figure 5. Agreements Between Fannie
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Page 24 and 25: Figure 8. Estimated Enterprise Aggr
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Page 30 and 31: fraud and wire fraud involving a fi
Page 32 and 33: This was a joint investigation with
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Page 36 and 37: Short Sale Schemes A short sale occ
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Page 42 and 43: indemnification payments that OIG p
Page 44 and 45: the SEC, and others. In July 2013,
Page 46 and 47: Figure 10. Overview of the Enterpri
Page 48 and 49: 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
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Figure 20. Reform Models and Reform
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Multifamily We have also found indi
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Based on recent history, a reformed
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Figure 26. The Mortgage Servicing P
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Even though the FHFA senior examine
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assistance to homeowners and to use
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positive NPV, then the servicer is
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Siloed Practices: Harmonizing Busin
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Semiannual Report to the Congress
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overseen by FHFA. As conservator, F
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Interest Rate Swap: An interest rat
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References Federal Deposit Insuranc
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Department of the Treasury Financia
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Acronyms and Abbreviations Agency A
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Figure 29. Summary of OIG Recommend
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No. Recommendation Report Status AU
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No. Recommendation Report Status EV
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Audit and Evaluation Reports with R
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Appendix D: OIG Reports See www.fhf
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Appendix F: Description of OIG Offi
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Strategic Goal 2—Operating with I
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Figure 17. Federal Home Loan Banks
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15 Federal Housing Finance Agency,
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33 Fannie Mae, “Multifamily Busin
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Federal Home Loan Banks Office of F
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to FHFA Scorecard Directive, at 48,
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it is preferable to limit our discu
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Position in the Housing Finance Sys
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144 Fannie Mae, “Comparison of Mu
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157 Id., “Mortgage Servicing,”
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184 Federal Housing Finance Agency,
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Transparency and Certainty for Lend
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