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15 Federal Housing Finance Agency, “Strategic Goal 2: Contracting Enterprise Operations,” A Strategic Plan for Enterprise Conservatorships: The Next Chapter in a Story that Needs an Ending, at 14 (February 21, 2012). Accessed: July 26, 2013, at www.fhfa.gov/webfiles/23344/ StrategicPlanConservatorshipsFINAL.pdf. 16 Id. 17 Fannie Mae, Fannie Mae Reports Pre-Tax Income of $8.1 Billion for First Quarter 2013, at 1 (May 9, 2013). Accessed: July 26, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q12013_release.pdf. Freddie Mac, “First Quarter 2013 Financial Results,” Freddie Mac Reports Net Income of $4.6 Billion; Comprehensive Income of $7.0 Billion for First Quarter 2013, at 1 (May 8, 2013). Accessed: July 26, 2013, at www.freddiemac.com/investors/ er/pdf/2013er-1q13_release.pdf. Fannie Mae, Fannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income of $10.3 Billion for Second Quarter 2013, at 1 (August 8, 2013). Accessed: August 19, 2013, at www.fanniemae. com/resources/file/ir/pdf/quarterly-annualresults/2013/q22013_release.pdf. Freddie Mac, “Second Quarter 2013 Financial Results,” Freddie Mac Reports Net Income of $5.0 Billion for Second Quarter 2013, Comprehensive Income of $4.4 Billion, at 1 (August 7, 2013). Accessed: August 19, 2013, at www.freddiemac.com/investors/er/ pdf/2013er-2q13_release.pdf. 18 Fannie Mae, “Table 4: Summary of Condensed Consolidated Results of Operations,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 16. Accessed: August 12, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q22013.pdf. 19 Freddie Mac, “Table 5 — Summary Consolidated Statements of Comprehensive Income,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 14. Accessed: August 12, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066647 &xml=1&quest=1&rid=23&section=1&sequen ce=-1&pdf=1&dn=1. 20 Fannie Mae, “Deferred Tax Asset Valuation Allowance,” Fannie Mae Reports Pre-Tax Income of $8.1 Billion for First Quarter 2013, at 2 (May 9, 2013). Accessed: August 19, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q12013_release.pdf. 21 Id. 22 Freddie Mac, “Deferred Tax Assets and Liabilities,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 47, 48. Accessed: August 16, 2013, at http://api40.10kwizard.com/cgi/ convert/pdf/FMCC-20130807-10Q-20130630. pdf?ipage=9066647&xml=1&quest=1&rid=23& section=1&sequence=-1&pdf=1&dn=1. 23 Fannie Mae, “Table 4: Summary of Condensed Consolidated Results of Operations,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 16. Accessed: August 12, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q22013.pdf. 24 Freddie Mac, “Table 5 — Summary Consolidated Statements of Comprehensive Income,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 14. Accessed: August 12, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066647 &xml=1&quest=1&rid=23&section=1&sequen ce=-1&pdf=1&dn=1. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 119
25 Id., “Benefit (Provision) for Credit Losses,” at 16. Fannie Mae, “Comprehensive Income,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 3. Accessed: August 19, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q22013.pdf. 26 Freddie Mac, “Maintaining Sound Credit Quality on the Loans We Purchase or Guarantee,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 4. Accessed: August 19, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066647 &xml=1&quest=1&rid=23&section=1&sequen ce=-1&pdf=1&dn=1. 27 Id. 28 Fannie Mae, “Executive Summary,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 2. Accessed: August 19, 2013, at www. fanniemae.com/resources/file/ir/pdf/quarterlyannual-results/2013/q22013.pdf. Freddie Mac, “Maintaining Sound Credit Quality on the Loans We Purchase or Guarantee,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 4. Accessed: August 19, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066647 &xml=1&quest=1&rid=23&section=1&sequen ce=-1&pdf=1&dn=1. 29 Fannie Mae, “Table 34: Single-Family Conventional Serious Delinquency Rate Concentration Analysis,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 62. Accessed: August 19, 2013, at www.fanniemae. com/resources/file/ir/pdf/quarterly-annualresults/2013/q22013.pdf. Freddie Mac, “Maintaining Sound Credit Quality on the Loans We Purchase or Guarantee,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 4. Accessed: August 19, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066647 &xml=1&quest=1&rid=23&section=1&sequen ce=-1&pdf=1&dn=1. Freddie Mac, “Table 2 — Single-Family Credit Guarantee Portfolio Data by Year of Origination,” Form 10-Q for the Quarterly Period Ended June 30, 2012, at 5. Accessed: August 19, 2013, at www.sec.gov/Archives/ edgar/data/1026214/000119312512339405/ d378248d10q.htm. 30 Fannie Mae, “Table 14: Single-Family Business Results,” “Multifamily Business Results,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 29, 30. Accessed: August 19, 2013, at www.fanniemae.com/resources/file/ir/pdf/ quarterly-annual-results/2013/q22013.pdf. 31 Freddie Mac, “Glossary,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 190. Accessed: August 19, 2013, at http:// api40.10kwizard.com/cgi/convert/pdf/FMCC- 20130807-10Q-20130630.pdf?ipage=9066 647&xml=1&quest=1&rid=23&section=1 &sequence=-1&pdf=1&dn=1. Fannie Mae, “Table 14: Single-Family Business Results,” “Multifamily Business Results,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 29, 30. Accessed: August 19, 2013, at www.fanniemae. com/resources/file/ir/pdf/quarterly-annualresults/2013/q22013.pdf. 32 Federal Housing Finance Agency Office of Inspector General, “Preface,” FHFA’s Initiative to Reduce the Enterprises’ Dominant Position in the Housing Finance System by Raising Gradually Their Guarantee Fees, EVL-2013-005, at 9 (July 16, 2013). Accessed: August 19, 2013, at www. fhfaoig.gov/Content/Files/EVL-2013-005.pdf. 120 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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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
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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
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Page 116 and 117: Appendix D: OIG Reports See www.fhf
Page 118 and 119: Appendix F: Description of OIG Offi
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Page 122 and 123: Figure 17. Federal Home Loan Banks
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Page 134 and 135: it is preferable to limit our discu
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Page 142 and 143: 184 Federal Housing Finance Agency,
Page 144 and 145: Transparency and Certainty for Lend
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