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Federal Home Loan Banks Office of Finance, “Business,” Combined Financial Report for the Year Ended December 31, 2011, at 2, 3. Accessed: July 29, 2013, at www.fhlb-of.com/ofweb_userWeb/ resources/11yrend.pdf. 53 Federal Home Loan Banks Office of Finance, “Business,” Combined Financial Report for the Year Ended December 31, 2011, at 2. Accessed: July 29, 2013, at www.fhlb-of.com/ofweb_userWeb/ resources/11yrend.pdf. 54 Federal Home Loan Banks Office of Finance, “Business,” Combined Financial Report for the Year Ended December 31, 2012, at 3. Accessed: July 29, 2013, at www.fhlb-of.com/ofweb_userWeb/ resources/12yrend.pdf. 55 Id., “Table 6 - Membership by Type of Member,” at 31. 56 Federal Home Loan Banks Office of Finance, “Overview,” Combined Financial Report for the Quarterly Period Ended September 30, 2012, at 3. Accessed: July 29, 2013, at www.fhlb-of.com/ ofweb_userWeb/resources/12Q3end.pdf. 57 Id. 58 Id., at cover page. 59 The FHLBank System can borrow at favorable rates due to the perception in financial markets that the federal government will guarantee repayment of its debt even though such a guarantee has not been made explicitly. This phenomenon is known as the “implicit guarantee.” See Federal Housing Finance Agency Office of Inspector General, “Preface,” FHFA’s Oversight of Troubled Federal Home Loan Banks, EVL-2012-001, at 6 (January 11, 2012). Accessed: July 29, 2013, at www.fhfaoig.gov/ Content/Files/Troubled%20Banks%20EVL- 2012-001.pdf. 60 Federal Home Loan Banks Office of Finance, “Economy and Financial Markets,” “Financial Condition,” “Lower Average Balances,” Combined Financial Report for the Quarterly Period Ended June 30, 2013, at 4, 5, 19. Accessed: October 16, 2013, at www.fhlb-of.com/ofweb_userWeb/ resources/13Q2end.pdf. 61 Federal Home Loan Banks Office of Finance, “Net Income,” Combined Financial Report for the Quarterly Period Ended March 31, 2013, at 15. Accessed: August 1, 2013, at www.fhlb-of.com/ ofweb_userWeb/resources/13Q1end.pdf. 62 Federal Home Loan Banks Office of Finance, “Interest Rate Levels and Volatility,” Combined Financial Report for the Quarterly Period Ended June 30, 2013, at 5. Accessed: August 16, 2013, at www.fhlb-of.com/ofweb_userWeb/ resources/13Q2end.pdf. 63 Id., “Interest Rate Levels and Volatility,” “Operating Results,” at 5, 6. 64 Id., “Table 15 - Changes in Net Income,” “Combined Statement of Income,” at 15, F-2. 65 Id., “Operating Results,” “Combined Statement of Income,” at 6, F-2. 66 Id., “Combined Statement of Income,” “Operating Results,” at F-2, 6. 67 Federal Home Loan Banks Office of Finance, “Note 11 - Derivatives and Hedging Activities,” Combined Financial Report for the Year Ended December 31, 2012, at F-44, F-45. Accessed: Semiannual Report to the Congress • April 1, 2013–September 30, 2013 123
August 16, 2013, at www.fhlb-of.com/ofweb_ userWeb/resources/12yrend.pdf. 68 Federal Home Loan Banks Office of Finance, “Non-Interest Income,” Combined Financial Report for the Quarterly Period Ended June 30, 2013, at 20. Accessed: August 16, 2013, at www. fhlb-of.com/ofweb_userWeb/resources/13Q2end. pdf. 69 Federal Home Loan Banks Office of Finance, “Selected Financial Data,” Combined Financial Report for the Year Ended December 31, 2011, at 34. Accessed: August 14, 2013, at www.fhlb-of. com/ofweb_userWeb/resources/11yrend.pdf. Federal Home Loan Banks Office of Finance, “Selected Financial Data,” Combined Financial Report for the Quarterly Period Ended June 30, 2013, at 1. Accessed: August 14, 2013, at www. fhlb-of.com/ofweb_userWeb/resources/13Q2end. pdf. 70 Federal Home Loan Banks Office of Finance, FHLBanks Satisfy REFCORP Obligations; Launch Joint Capital Enhancement Agreement, at 1 (August 8, 2011). Accessed: July 29, 2013, at www.fhlb-of.com/ofweb_userWeb/resources/ PR_20110808_FHLBank_System_Capital_ Initiative_Launch.pdf. 71 Federal Home Loan Bank of Dallas, “What Are the Potential Benefits of the Agreement?,” Joint Capital Enhancement Agreement Questions and Answers, at 1 (March 1, 2011). Accessed: August 27, 2013, at www.fhlb.com/data/ REFCORP_QA.pdf. 72 Federal Housing Finance Agency, “Introduction,” “Feedback on the White Paper Regarding the CSP,” A Progress Report on the Common Securitization Infrastructure, at 1, 4 (April 30, 2013). Accessed: August 5, 2013, at www.fhfa.gov/webfiles/25144/ WhitePaperProgressReport43013. pdf. Federal Housing Finance Agency, “Introduction,” Building a New Infrastructure for the Secondary Mortgage Market, at 4 (October 4, 2012). Accessed: August 8, 2013, at www.fhfa.gov/webfiles/24572/ FHFASecuritizationWhitePaper100412FINAL. pdf. 73 Federal Housing Finance Agency, FHFA Issues Update on Development of a Common Securitization Infrastructure (April 30, 2013). Accessed: August 5, 2013, at www.fhfa.gov/ webfiles/25145/Progressreportrelease043013.pdf. 74 Federal Housing Finance Agency, Agencies Issue Proposed Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements, at 1 (July 10, 2013). Accessed: August 5, 2013, at www.fhfa.gov/webfiles/25355/ HigherPricedMortgages071013Final.pdf. Federal Housing Finance Agency, Agencies Issue Final Rule on Appraisals for Higher-Priced Mortgage Loans, at 1 (January 18, 2013). Accessed: August 5, 2013, at www.fhfa.gov/webfiles/24893/ HRMPressRelease011813FINAL.pdf. 75 Federal Housing Finance Agency, FHFA Releases Fannie and Freddie Reports on Viability of Their Multifamily Businesses Without Government Guarantees (May 3, 2013). Accessed: August 5, 2013, at www.fhfa.gov/webfiles/25162/ PRMF050313final.pdf. 76 Fannie Mae, “Major Competitors,” “Fannie Mae’s Existing Multifamily Business Model,” “Conclusion,” Analysis of the Viability of Fannie Mae’s Multifamily Business Operating without a Government Guarantee - Response 124 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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Semiannual Report to the Congress
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Page 144 and 145: Transparency and Certainty for Lend
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