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Transparency and Certainty for Lenders, at 1 (September 11, 2012). Accessed: August 15, 2013, at www.fhfa.gov/webfiles/24366/Reps_ and_Warrants_Release_and_FAQs_091112. pdf. Federal Housing Finance Agency, “Strategic Goal 3: Maintaining Foreclosure Prevention Efforts and Credit Availability,” A Strategic Plan for Enterprise Conservatorships: The Next Chapter in a Story that Needs an Ending, at 18 (February 21, 2012). Accessed: June 6, 2013, at www.fhfa.gov/webfiles/23344/ StrategicPlanConservatorshipsFINAL.pdf. 209 Federal Housing Finance Agency, “Strategic Goal 4—Means and Strategies,” Preparing a Foundation for a More Efficient and Effective Housing Finance System: Strategic Plan, Federal Housing Finance Agency, Fiscal Years 2013-2017, at 22. Accessed: July 9, 2013, at www.fhfa.gov/webfiles/23930/ FHFA%20Draft%20Strategic%20Plan%20 2013-2017.pdf. 210 Federal Housing Finance Agency, Fannie Mae and Freddie Mac to Align Guidelines for Servicing Delinquent Mortgages, Updated Framework to Include Servicer Incentives and Penalties (April 28, 2011). Accessed: July 9, 2013, at www.fhfa.gov/ webfiles/21190/sai42811final.pdf. 211 Id. 212 Federal Housing Finance Agency Office of Inspector General, “What FHFA-OIG Found,” FHFA’s Oversight of Fannie Mae’s Default-Related Legal Services, AUD-2011-004, at 2 (September 30, 2011). Accessed: June 6, 2013, at www. fhfaoig.gov/Content/Files/AUD-2011-004.pdf. 213 Federal Housing Finance Agency Office of Inspector General, “Why FHFA-OIG Did This Audit,” FHFA’s Oversight of the Enterprises’ Management of High-Risk Seller/Servicers, AUD- 2012-007, at 2 (September 18, 2012). Accessed: June 6, 2013, at www.fhfaoig.gov/Content/Files/ AUD-2012-007.pdf. 214 Id., “Enterprise Losses from Counterparty Failures,” at 12. 215 Id., “Enterprise Losses from Counterparty Failures,” at 12, 13. 216 Federal Housing Finance Agency Office of Inspector General, “Consumer Protection Laws,” FHFA Should Develop and Implement a Risk-Based Plan to Monitor the Enterprises’ Oversight of Their Counterparties’ Compliance with Contractual Requirements Including Consumer Protection Laws, AUD-2013-008, at 4 (March 26, 2013). Accessed: June 6, 2013, at www.fhfaoig.gov/ Content/Files/AUD-2013-008_0.pdf. 217 Id., “Summary,” “Finding: FHFA Should Develop and Implement a Risk-Based Plan to Monitor the Enterprises’ Oversight of Their Counterparties’ Compliance with Contractual Requirements Including Consumer Protection Laws,” at 2, 6. 218 Federal Housing Inspectors General, Compendium of Federal Single Family Mortgage Programs and Related Activities (November 2011). Accessed: June 6, 2013, at www.fhfaoig.gov// Content/Files/compendium.pdf. 219 Department of Housing and Urban Development Office of Inspector General, Federal Housing Finance Agency Office of Inspector General, Joint Report on Federally Owned or Overseen Real Estate Owned Properties (May 2013). Accessed: June 6, 2013, at www.fhfaoig.gov/Content/Files/ May%202013%20Housing%20IGs%20Report. revised.v2.pdf. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 137
Federal Housing Finance Agency Office of Inspector General Semiannual Report to the Congress April 1, 2013, through September 30, 2013 Federal Housing Finance Agency Office of Inspector General 400 Seventh Street, SW Washington, DC 20024 Main (202) 730-0880 Hotline (800) 793-7724 www.fhfaoig.gov
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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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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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Figure 29. Summary of OIG Recommend
Page 94 and 95: No. Recommendation Report Status AU
Page 104 and 105: No. Recommendation Report Status EV
Page 110 and 111: Semiannual Report to the Congress
Page 114 and 115: Audit and Evaluation Reports with R
Page 116 and 117: Appendix D: OIG Reports See www.fhf
Page 118 and 119: Appendix F: Description of OIG Offi
Page 120 and 121: Strategic Goal 2—Operating with I
Page 122 and 123: Figure 17. Federal Home Loan Banks
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Page 128 and 129: 33 Fannie Mae, “Multifamily Busin
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Page 132 and 133: to FHFA Scorecard Directive, at 48,
Page 134 and 135: it is preferable to limit our discu
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Page 138 and 139: 144 Fannie Mae, “Comparison of Mu
Page 140 and 141: 157 Id., “Mortgage Servicing,”
Page 142 and 143: 184 Federal Housing Finance Agency,
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