Mortgage

FHFA Inspector General details future profitability of Fannie and Freddie

Study on the future of the GSEs

The Federal Housing Finance Agency Office of Inspector General has released its ninth Semiannual Report to the Congress, which covers activities and operations from October 1, 2014, through March 31, 2015.

During this semiannual reporting period, OIG issued 8 reports focusing on high-risk mission areas affecting the nation’s housing finance system. 

These reports address a range of topics from cyber security, to a review of FHFA’s conservatorships of the enterprises, to future profitability of the enterprises, to Fannie Mae’s selection of a new Chief Audit Executive, to women and minorities in FHFA’s workforce.

The report also contains a section describing the organization and operations of FHFA, the enterprises, and the Federal Home Loan Banks, as well as key developments for each during the reporting period.

All of OIG’s reports and selected law enforcement actions are detailed in the semiannual report. 

During this period, OIG’s investigative efforts resulted in the filing of criminal charges against 72 individuals and the conviction of 72 individuals, as well as the award of more than $34 million in criminal fines and restitution orders. 

Among notable actions, OIG investigation led to the conviction of a Fannie Mae insider and others participating in an identity theft ring, and another investigation led to the conviction of 11 individuals based on a $20 million straw buyer fraud in Florida.

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