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GAO Gives FHFA Clean Bill of Health

Nov 15, 2012

Federal Housing Finance Agency Acting (FHFA) Director Edward J. DeMarco has released FHFA’s 2012 Performance and Accountability Report (PAR) detailing the agency’s performance as regulator and conservator of Fannie Mae and Freddie Mac and regulator of the 12 Federal Home Loan Banks (FHLBs). The 2012 Performance and Accountability Report (PAR) highlights collective efforts to assist homeowners, challenges and ongoing initiatives to ensure FHFA meets its strategic goals for fiscal year 2012. For the fourth consecutive year, FHFA received an unqualified or “clean” audit opinion on its financial statements from the U.S. Government Accountability Office. Key FHFA accomplishments detailed in the PAR: ►Provided results and conclusions of 2011 examinations of Fannie Mae, Freddie Mac and the FHLBs in FHFA’s annual Report to Congress. ►Produced A Strategic Plan for Enterprise Conservatorships, which provides a roadmap for work FHFA, Fannie Mae and Freddie Mac will undertake in the next phase of the conservatorships. ►Developed a new strategic plan for FHFA for 2013-2017, which incorporates goals included in A Strategic Plan for Enterprise Conservatorships. ►Established a new Office of Strategic Initiatives to coordinate and oversee the activities associated with the conservatorship strategic plan. ►Issued a white paper, Building a New Infrastructure for the Secondary Mortgage Market, which proposes a common securitization platform to replace the Enterprises’ current proprietary systems. ►Appointed new chief executive officers for Fannie Mae and Freddie Mac and increased and realigned FHFA staff supervising the companies. ►Worked with Fannie Mae and Freddie Mac to complete foreclosure prevention actions and enhanced the Home Affordable Refinance Program (HARP) to increase refinances. ►Completed first real estate-owned (REO) pilot initiative to dispose of approximately 1,772 Fannie Mae single-family foreclosed properties in areas hardest hit in the housing downturn. ►Terminated cease and desist order on the Chicago FHLB due to improvements in the bank’s financial and capital positions and deemed the Seattle FHLB “adequately capitalized” due to a strengthening of its capital position.
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Nov 15, 2012
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