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157 Id., “Mortgage Servicing,” at 9. 158 Id., “The High Touch Servicing Advantage,” “Findings,” at 12, 13, 27. 159 Federal Housing Finance Agency Office of Inspector General, “Preface,” Evaluation of Whether FHFA Has Sufficient Capacity to Examine the GSEs, EVL-2011-005, at 7 (September 23, 2011). Accessed: August 15, 2013, at www. fhfaoig.gov/Content/Files/EVL-2011-005.pdf. 160 Federal Housing Finance Agency Office of Inspector General, “Findings,” Federal Housing Finance Agency’s Exit Strategy and Planning Process for the Enterprises’ Structural Reform, EVL-2011- 001, at 12 (March 31, 2011). Accessed: May 29, 2013, at www.fhfaoig.gov/Content/Files/ EVL%20Exit%20Strategy%20-%20DrRpt%20 03302011-final%2C%20signed.pdf. 161 Federal Housing Finance Agency Office of Inspector General, “Preface,” “What FHFA-OIG Found,” “Appendix A: FHFA’s Comments on Findings and Recommendations,” Evaluation of Whether FHFA Has Sufficient Capacity to Examine the GSEs, EVL-2011-005, at 7, 2, 31 (September 23, 2011). Accessed: May 29, 2013, at www. fhfaoig.gov/Content/Files/EVL-2011-005.pdf. 162 Federal Housing Finance Agency Office of Inspector General, “What FHFA-OIG Found,” FHFA’s Oversight of Fannie Mae’s Single-Family Underwriting Standards, AUD-2012-003, at At a Glance page (March 22, 2012). Accessed: May 30, 2013, at www.fhfaoig.gov/Content/Files/ AUD-2012-003_0.pdf. 163 Federal Housing Finance Agency Office of Inspector General, “What FHFA-OIG Found,” FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions, AUD- 2012-008, at At a Glance page (September 27, 2012). Accessed: May 30, 2013, at www.fhfaoig. gov/Content/Files/AUD-2012-008_2.pdf. 164 Id., “FHFA Sometimes Relies upon Information Provided by the Enterprises Without Independently Verifying It or Performing a Business Case Analysis,” at 21. 165 Federal Housing Finance Agency Office of Inspector General, “What FHFA-OIG Found,” “Chronology of Key Events and Associated Analysis,” Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America, EVL- 2011-006, at 3, 18, 15 (September 27, 2011). Accessed: August 15, 2013, at www.fhfaoig.gov/ Content/Files/EVL-2011-006.pdf. 166 Id., “Chronology of Key Events and Associated Analysis,” at 15, 25, 26, 16. 167 Id., “Chronology of Key Events and Associated Analysis,” at 19, 20. 168 Id., “Chronology of Key Events and Associated Analysis,” “What FHFA-OIG Found,” at 22, 3. 169 Federal Housing Finance Agency Office of Inspector General, “What FHFA-OIG Found,” “Revised Loan Review Methodology,” Followup on Freddie Mac’s Loan Repurchase Process, EVL-2012-007, at 2, 13 (September 13, 2012). Accessed: May 30, 2013, at www.fhfaoig.gov/ Content/Files/EVL-2012-007.pdf. 170 Federal Housing Finance Agency Office of Inspector General, “At a Glance,” Evaluation of FHFA’s Oversight of Fannie Mae’s Management of Operational Risk, EVL-2011-004, at 2 (September Semiannual Report to the Congress • April 1, 2013–September 30, 2013 133
23, 2011). Accessed: May 30, 2013, at www. fhfaoig.gov/Content/Files/EVL-2011-004.pdf. 171 Id., “Findings,” at 19, 20. 172 Federal Housing Finance Agency Office of Inspector General, “Why FHFA-OIG Did This Evaluation,” FHFA’s Oversight of Troubled Federal Home Loan Banks, EVL-2012-001, at 2 (January 11, 2012). Accessed: May 30, 2013, at www.fhfaoig.gov/Content/Files/Troubled%20 Banks%20EVL-2012-001.pdf. 173 Id., “At a Glance,” at 2. 174 Housing and Economic Recovery Act of 2008, Pub. L. 110-289, 110th Congress. Emergency Economic Stabilization Act of 2008, Pub. L. 110- 343, 110th Congress. 175 Federal Housing Finance Agency, About FHFA. Accessed: August 15, 2013, at www.fhfa.gov/ Default.aspx?Page=4. 176 Federal Housing Finance Agency Office of Inspector General, “Conservatorships Established,” White Paper: FHFA-OIG’s Current Assessment of FHFA’s Conservatorships of Fannie Mae and Freddie Mac, WPR-2012-001, at 12 (March 28, 2012). Accessed: August 13, 2013, at www.fhfaoig.gov/Content/Files/WPR-2012- 001.pdf. Federal Housing Finance Agency, “Challenges Facing the Enterprises,” FHFA’s First Anniversary and Challenges Ahead, Statement of Director James B. Lockhart, National Press Club, at 12 (July 30, 2009). Accessed: August 15, 2013, at www.fhfa.gov/webfiles/14715/%20 FHFA1stAnnSpeechandPPT73009.pdf. 177 Emergency Economic Stabilization Act of 2008, Pub. L. 110-343, 110th Congress, § 110. 178 Federal Housing Finance Agency, “Overview and Eligibility of the Home Affordable Refinance Program (HARP),” Refinance Report, March 2013, at 1. Accessed: August 15, 2013, at www.fhfa. gov/webfiles/25318/March2013RefinanceReport. pdf. Federal Housing Finance Agency, Refinance Volume Remains High in March (June 12, 2013). Accessed: July 25, 2013, at www.fhfa.gov/webfiles/25319/ March2013Refinancerelease061213.pdf. 179 Federal Housing Finance Agency Office of Inspector General, “At a Glance,” “Overview of Treasury’s MHA Programs,” Evaluation of FHFA’s Role in Negotiating Fannie Mae’s and Freddie Mac’s Responsibilities in Treasury’s Making Home Affordable Program, EVL-2011-003, at 2, 10 (August 12, 2011). Accessed: June 4, 2013, at www.fhfaoig.gov/Content/Files/EVL-2011-003. pdf. 180 Federal Housing Finance Agency, “First Quarter 2013 Highlights,” Foreclosure Prevention Report, First Quarter 2013: FHFA Federal Property Manager’s Report, at 3. Accessed: July 25, 2013, at www.fhfa.gov/webfiles/25340/ foreclosurePreventionReport1q2013FINAL.pdf. 181 Federal Housing Finance Agency Office of Inspector General, “At a Glance,” Evaluation of FHFA’s Role in Negotiating Fannie Mae’s and Freddie Mac’s Responsibilities in Treasury’s Making Home Affordable Program, EVL-2011-003, at 2 (August 12, 2011). Accessed: June 4, 2013, at www.fhfaoig.gov/Content/Files/EVL-2011-003. pdf. 182 Id. 183 Id., “What FHFA-OIG Found,” at 2. 134 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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Department of the Treasury Financia
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Acronyms and Abbreviations Agency A
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Page 144 and 145: Transparency and Certainty for Lend
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