For the fourth consecutive year, the Federal Housing Finance Agency received an unqualified or “clean” audit opinion on its financial statements from the U.S. Government Accountability Office.

This lead the FHFA to release its 2012 Performance and Accountability report.

The audit looked over a particularly busy year at the FHFA

In the year 2012, the government-sponsored enterprises managed to launch its first real-estate owned pilot program while etching out a plan to transition the mortgage market away from Fannie Mae and Freddie Mac dominance.

The first REO-pilot initiative launched by the FHFA ended up disposing of 1,772 Fannie Mae single-family foreclosed properties in distressed neighborhoods, setting the stage for more REO-to-rental initiatives in the future.

The FHFA ended its cease and desist order on the Chicago Federal Home Loan Bank after the institution improved its financial and capital position. In addition, the Seattle FHLB was deemed "adequately capitalized."

"The FHLBanks’ capital levels remained at or near historic highs during the fiscal year. Retained earnings have increased dramatically in the past five years and now top $9 billion. Retained earnings should continue to increase because of the capital plan provisions adopted last year to set aside 20 percent of income in restricted retained earnings," reads the report.