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Appendix H: Endnotes 1 The Inspector General Act of 1978, 5 U.S.C. App. 3 § 5, requires that each inspector general compile a report of his or her office’s operations for each six-month period ending March 31 and September 30. 2 Federal Housing Finance Agency Office of Inspector General, Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America, EVL-2011-006 (September 27, 2011). Accessed: September 13, 2013, at www.fhfaoig.gov/ Content/Files/EVL-2011-006.pdf. 3 Federal Housing Finance Agency Office of Inspector General, FHFA’s Oversight of the Federal Home Loan Banks’ Unsecured Credit Risk Management Practices, EVL-2012-005 (June 28, 2012). Accessed: September 13, 2013, at http:// fhfaoig.gov/Content/Files/EVL-2012-005_1_0. pdf. 4 As a matter of policy, OIG simply notes without discussion that it has remarked on a draft rule during the semiannual period in which the remarks are made. When such a rule is finalized and published, OIG discusses the substance of its remarks in the semiannual report. 5 Federal Housing Finance Agency Office of Inspector General, Department of Housing and Urban Development Office of Inspector General, Joint Report on Federally Owned or Overseen Real Estate Owned Properties (May 2013). Accessed: September 13, 2013, at http://fhfaoig.gov/ Content/Files/May%202013%20Housing%20 IGs%20Report.revised.v2.pdf. 6 Council of Inspectors General on Financial Oversight, Audit of the Financial Stability Oversight Council’s Designation of Financial Market Utilities: Report to the Financial Stability Oversight Council and the Congress (July 12, 2013). Accessed: September 13, 2013, at www. treasury.gov/about/organizational-structure/ig/ OIG%20Sorter/CIGFO_AUDIT_71713.pdf. 7 Federal Housing Finance Agency, About FHFA. Accessed: July 26, 2013, at www.fhfa.gov/Default. aspx?Page=4. 8 Federal Housing Finance Agency, “Message from the Acting Director,” 2012 Performance and Accountability Report, at 4. Accessed: July 26, 2013, at www.fhfa.gov/ webfiles/24632/2012FHFAPARF.pdf. 9 Id., “FHFA at a Glance,” at 10. 10 Id., “FY 2012 Profile,” at 11. 11 Id., “Fannie Mae and Freddie Mac (the Enterprises),” at 15. 12 Id., “Regulator of the Enterprises and the FHLBanks,” at 10. 13 Department of the Treasury, Written Testimony by Secretary of the Treasury Timothy F. Geithner before the Senate Committee on Banking, Housing & Urban Affairs (March 15, 2011). Accessed: July 26, 2013, at www.treasury.gov/press-center/pressreleases/Pages/tg1103.aspx. 14 Federal Housing Finance Agency, “Executive Summary,” Conservator’s Report on the Enterprises’ Financial Performance, Second Quarter 2010, at 3. Accessed: July 26, 2013, at www.fhfa.gov/ webfiles/16591/ConservatorsRpt82610.pdf. 118 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
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The bill would replace the enterpri
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mortgage credit. For its part, the
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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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