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33 Fannie Mae, “Multifamily Business Results,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 31, 32. Accessed: August 19, 2013, at www.fanniemae.com/resources/file/ir/pdf/ quarterly-annual-results/2013/q22013.pdf. 34 Id., “Segment Reporting,” at 123, 124. Freddie Mac, “Table 13 — Segment Earnings and Key Metrics — Single-Family Guarantee,” “Table 15 — Segment Earnings and Key Metrics — Multifamily,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 27, 32. 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&sequence=-1&pdf=1&dn=1. 35 Freddie Mac, “Full-Year Net Income and Comprehensive Income (Loss),” Fourth Quarter 2012 Financial Results Supplement, at 4 (February 28, 2013). Accessed: July 29, 2013, at www.freddiemac.com/investors/er/pdf/ supplement_4q12.pdf. 36 Standard & Poor’s Dow Jones Indices, S&P/ Case-Shiller 20-City Composite Home Price Index (July 30, 2013). Accessed: August 19, 2013, at http://us.spindices.com/indices/real-estate/ sp-case-shiller-20-city-composite-home-priceindex (click on “Additional Info,” then click “Seasonally Adjusted Home Price Index Levels,” then download the Excel file). 37 Freddie Mac, “Quantitative and Qualitative Disclosures About Market Risk,” Form 10-K for the Fiscal Year Ended December 31, 2012, at 195. Accessed: July 29, 2013, at www.freddiemac.com/ investors/er/pdf/10k_022813.pdf. 38 Id., “Derivative Instruments,” at 263. 39 Fannie Mae, “Table 8: Fair Value Gains (Losses), Net,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 21. Accessed: August 19, 2013, at www.fanniemae.com/resources/file/ir/ pdf/quarterly-annual-results/2013/q22013.pdf. 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 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. 40 Fannie Mae, “Table 8: Fair Value Gains (Losses), Net,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 21. Accessed: August 19, 2013, at www.fanniemae.com/resources/file/ir/ pdf/quarterly-annual-results/2013/q22013.pdf. Freddie Mac, “Derivative Gains (Losses),” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 18. 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. 41 Federal Housing Finance Agency Office of Inspector General, “Amendments to the PSPAs,” Analysis of the 2012 Amendments to the Senior Preferred Stock Purchase Agreements, WPR- 2013-002, at 10, 11, 12 (March 20, 2013). Accessed: August 19, 2013, at www.fhfaoig.gov/ Content/Files/WPR-2013-002_2.pdf. Federal Housing Finance Agency, “Table 2: Dividends on Enterprise Draws from Treasury,” Data as of August 8, 2013 on Treasury and Federal Reserve Purchase Programs for GSE and Mortgage-Related Securities, at 3. Accessed: August 20, 2013, at www.fhfa.gov/webfiles/25444/TSYSupport%20 2013-08-08.pdf. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 121
42 Fannie Mae, “Net Worth,” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 4. Accessed: August 19, 2013, at www.fanniemae. com/resources/file/ir/pdf/quarterly-annualresults/2013/q22013.pdf. 43 Freddie Mac, “Table 29 — Changes in Total Equity (Deficit),” Form 10-Q for the Quarterly Period Ended June 30, 2013, at 51. 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. 44 Federal Housing Finance Agency, “Table 1: Quarterly Draws on Treasury Commitments to Fannie Mae and Freddie Mac per the Senior Preferred Stock Purchase Agreements,” “Table 2: Dividends on Enterprise Draws from Treasury,” Data as of August 8, 2013 on Treasury and Federal Reserve Purchase Programs for GSE and Mortgage- Related Securities, at 2, 3. Accessed: August 20, 2013, at www.fhfa.gov/webfiles/25444/ TSYSupport%202013-08-08.pdf. 45 Id., “Table 2: Dividends on Enterprise Draws from Treasury,” at 3. 46 Federal Housing Finance Agency, “Enterprises,” 2012 Report to Congress, at iii (June 13, 2013). Accessed: August 19, 2013, at www.fhfa.gov/ webfiles/25320/FHFA2012_AnnualReport-508. pdf. 47 Federal Housing Finance Agency, “Table 3: Treasury Purchases of Freddie Mac and Fannie Mae MBS,” “Table 4: Federal Reserve GSE and Ginnie Mae MBS Purchase Program,” “Table 5: Federal Reserve Purchases of GSE Debt,” Data as of August 8, 2013 on Treasury and Federal Reserve Purchase Programs for GSE and Mortgage-Related Securities, at 4, 5, 6, 7, 8. Accessed: August 20, 2013, at www.fhfa.gov/webfiles/25444/ TSYSupport%202013-08-08.pdf. 48 Diana Hancock and Wayne Passmore, Board of Governors of the Federal Reserve System, “The Structure of the U.S. Secondary Mortgage Market: Late-2008 through Early 2010,” Did the Federal Reserve’s MBS Purchase Program Lower Mortgage Rates? Accessed: August 20, 2013, at www.federalreserve.gov/pubs/feds/2011/201101/ index.html. 49 Federal Housing Finance Agency, “GSE Mortgage-Backed Securities Purchase Facility,” Mortgage Market Note 10-1 (Update of Mortgage Market Notes 09-1 and 09-1A), at 5 (January 20, 2010). Accessed: August 27, 2013, at www.fhfa. gov/webfiles/15362/MMNote_10-1_revision_of_ MMN_09-1A_01192010.pdf. Federal Housing Finance Agency, “Table 4: Federal Reserve GSE and Ginnie Mae MBS Purchase Program,” “Table 5: Federal Reserve Purchases of GSE Debt,” Data as of August 8, 2013 on Treasury and Federal Reserve Purchase Programs for GSE and Mortgage- Related Securities, at 5, 6, 7, 8. Accessed: August 27, 2013, at www.fhfa.gov/webfiles/25444/ TSYSupport%202013-08-08.pdf. 50 Federal Home Loan Banks Office of Finance, “Overview,” Combined Financial Report for the Quarterly Period Ended June 30, 2013, at 3. Accessed: August 16, 2013, at www.fhlb-of.com/ ofweb_userWeb/resources/13Q2end.pdf. 51 Id., “Background Information,” at F-8. 52 Federal Home Loan Banks, Overview: The Federal Home Loan Banks. Accessed: July 29, 2013, at www.fhlbanks.com/overview_whyfhlb.htm. 122 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
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Siloed Practices: Harmonizing Busin
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Page 80 and 81: overseen by FHFA. As conservator, F
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Page 144 and 145: Transparency and Certainty for Lend
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