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Position in the Housing Finance System by Raising Gradually Their Guarantee Fees, EVL-2013- 005, at 15 (July 16, 2013). Accessed: August 13, 2013, at http://fhfaoig.gov/Content/Files/ EVL-2013-005_2.pdf. Federal Housing Finance Agency Office of Inspector General, “Fannie Mae and Freddie Mac: 2000 ‒ 2008,” White Paper: FHFA-OIG’s Current Assessment of FHFA’s Conservatorships of Fannie Mae and Freddie Mac, WPR-2012-001, at 10 (March 28, 2012). Accessed: August 13, 2013, at www.fhfaoig.gov/ Content/Files/WPR-2012-001.pdf. 121 FHFA’s former Director told GAO that “the enterprises’ primary motivation in purchasing such assets was to recapture their share of the mortgage market, which declined substantially from 2004 through 2007 as the ‘nontraditional’ (for example, subprime) mortgage market rapidly increased in size.” Government Accountability Office, “The Enterprises Had a Mixed Record on Achieving Housing Mission Objectives, and Risk- Management Deficiencies Compromised Their Safety and Soundness,” Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises’ Long-term Structures, GAO-09-782, at 27 (September 2009). Accessed: August 13, 2013, at www.gao.gov/assets/300/295025.pdf. 122 Federal Housing Finance Agency Office of Inspector General, “Fannie Mae and Freddie Mac: 2000 ‒ 2008,” White Paper: FHFA-OIG’s Current Assessment of FHFA’s Conservatorships of Fannie Mae and Freddie Mac, WPR-2012-001, at 9 (March 28, 2012). Accessed: August 13, 2013, at www.fhfaoig.gov/Content/Files/WPR-2012- 001.pdf. 123 Id., “Fannie Mae and Freddie Mac: 2000 ‒ 2008,” at 9, 10. 124 Id. 125 Federal Housing Finance Agency Office of Inspector General, “Variances from Underwriting Standards,” FHFA’s Oversight of Fannie Mae’s Single-Family Underwriting Standards, AUD- 2012-003, at 4 (March 22, 2012). Accessed: August 13, 2013, at http://fhfaoig.gov/Content/ Files/AUD-2012-003_1.pdf. 126 Federal Housing Finance Agency Office of Inspector General, “The Crisis,” Fannie Mae and Freddie Mac: Where the Taxpayers’ Money Went, WPR-2012-02, at 10 (May 24, 2012). Accessed: September 20, 2013, at http://fhfaoig. gov/Content/Files/FannieMaeandFreddieMac- WheretheTaxpayersMoneyWent.pdf. 127 Federal Housing Finance Agency Office of Inspector General, “Fannie Mae and Freddie Mac: 2000 ‒ 2008,” White Paper: FHFA-OIG’s Current Assessment of FHFA’s Conservatorships of Fannie Mae and Freddie Mac, WPR-2012-001, at 10 (March 28, 2012). Accessed: August 13, 2013, at www.fhfaoig.gov/Content/Files/WPR-2012- 001.pdf. 128 Federal Housing Finance Agency, FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac (September 2, 2011). Accessed: August 13, 2013, at www.fhfa.gov/webfiles/22599/ PLSLitigation_final_090211.pdf. 129 Id. Federal Housing Finance Agency v. UBS Americas Inc., Civil Complaint (S.D.N.Y.), at 3 (July 27, 2011). Accessed: August 13, 2013, at www.fhfa.gov/webfiles/21841/ FHFAvUBSstamped.pdf. 130 Federal Housing Finance Agency Office of Inspector General, “Underwriting Standards,” Semiannual Report to the Congress • April 1, 2013–September 30, 2013 129
“Variances from Underwriting Standards,” FHFA’s Oversight of Fannie Mae’s Single-Family Underwriting Standards, AUD-2012-003, at 3, 4 (March 22, 2012). Accessed: June 17, 2013, at www.fhfaoig.gov/Content/Files/AUD-2012- 003_0.pdf. 131 Id., “Variances from Underwriting Standards,” at 4, 6. 132 Id., “Appendix A: FHFA’s Comments on Findings and Recommendations,” at 23. 133 Federal Housing Finance Agency Office of Inspector General, “Enterprises’ Role in Primary and Secondary Residential Mortgage Markets,” FHFA’s Oversight of the Asset Quality of Multifamily Housing Loans Financed by Fannie Mae and Freddie Mac, AUD-2013-004, at 6 (February 21, 2013). Accessed: June 17, 2013, at www.fhfaoig.gov/Content/Files/AUD-2013- 004_2.pdf. 134 Id., “Multifamily Housing Loan Market,” “Enterprises’ Presence in the Multifamily Loan Market,” at 7. 135 Board of Governors of the Federal Reserve System, Mortgage Debt Outstanding (March 2013). Accessed: June 18, 2013, at www. federalreserve.gov/econresdata/releases/ mortoutstand/mortoutstand20130331.htm. 136 Federal Housing Finance Agency Office of Inspector General, “Enterprises’ Presence in the Multifamily Loan Market,” FHFA’s Oversight of the Asset Quality of Multifamily Housing Loans Financed by Fannie Mae and Freddie Mac, AUD- 2013-004, at 9 (February 21, 2013). Accessed: June 17, 2013, at www.fhfaoig.gov/Content/Files/ AUD-2013-004_2.pdf. 137 Id., “Enterprises’ Relaxed Multifamily Underwriting Standards,” at 9, 10. 138 Id. 139 Id., “Enterprises’ Relaxed Multifamily Underwriting Standards,” at 10. 140 Id. 141 Government Accountability Office, “Background,” “Enterprises’ Purchased Multifamily Loans Have Performed Relatively Well, but Regulators Identified Issues with Credit Risk Management,” Mortgage Financing: Fannie Mae and Freddie Mac’s Multifamily Housing Activities Have Increased, GAO-12-849, at 7, 65 (September 2012). Accessed: August 19, 2013, at www.gao.gov/assets/650/647800.pdf. 142 Federal Housing Finance Agency Office of Inspector General, “Enterprises’ Relaxed Multifamily Underwriting Standards,” FHFA’s Oversight of the Asset Quality of Multifamily Housing Loans Financed by Fannie Mae and Freddie Mac, AUD-2013-004, at 10, also see footnote 12 at 10 (February 21, 2013). Accessed: June 17, 2013, at www.fhfaoig.gov/Content/Files/ AUD-2013-004_2.pdf. 143 Fannie Mae, Multifamily. Accessed: August 19, 2013, at www.fanniemae.com/portal/ funding-the-market/mbs/multifamily/. Fannie Mae, “Comparison of Multifamily and Single- Family Financing Models,” Analysis of the Viability of Fannie Mae’s Multifamily Business Operating without a Government Guarantee - Response to FHFA Scorecard Directive, at 20 (December 17, 2012). Accessed: August 19, 2013, at www.fhfa.gov/webfiles/25160/ FNMMF2012ScorecardResponse.pdf. 130 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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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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Page 92 and 93: Figure 29. Summary of OIG Recommend
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Page 116 and 117: Appendix D: OIG Reports See www.fhf
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Page 128 and 129: 33 Fannie Mae, “Multifamily Busin
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Page 144 and 145: Transparency and Certainty for Lend
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