Articles Tagged with ''Federal Housing Finance Agency Office of Inspector General''

Inspector questions Fannie Mae’s new controversial Washington D.C. headquarters

FHFA Director responds to negative feedback from FHFA OIG
An updated report from the Federal Housing Finance Agency Office of Inspector General thrust issues surrounding Fannie Mae's new headquarters back into the spotlight. The report further fuels those in Congress who say the building costs are excessive and expensive to taxpayers. FHFA Director Mel Watt, however, adamantly disagrees.
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FHFA "strongly disagrees" with questioning Fannie Mae's motives for HQ construction

Watt responds to watchdog's allegations
In a wide-ranging report released Thursday, the FHFA Office of Inspector General seemingly questioned the motives of Fannie Mae surrounding the construction of its new headquarters in Washington, D.C. In a response to the OIG report, FHFA Director Mel Watt balks at the veiled questioning of Fannie Mae's motives, saying he "strongly disagrees" with the assertion that Fannie Mae has "little incentive" to hang on to its money.
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FHFA watchdog blasts lax oversight of rising Fannie Mae headquarters construction costs

FHFA-OIG: Projected cost carries "significant financial and reputational risks"
The Federal Housing Finance Agency has been lax in its duties as the overseer of Fannie Mae, and needs to do far more to address the dramatically rising cost of Fannie Mae's new Washington, D.C. headquarters, the FHFA's watchdog said in a new report. Here are all the details.
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FHFA reps and warrants policies have “significant and unresolved” risks

Watchdog: FHFA’s implementation was rushed and flawed
In a new report from the FHFA’s Office of the Inspector General, the OIG said that the FHFA mandated a new representation and warranty framework for the GSEs and implemented it “despite significant unresolved operational risks to the Enterprises.” Among those is processes that may not be in place at Fannie Mae until late 2015, for example.
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FHFA watchdog raises concerns about nonbanks

Explosive growth of nonbank lenders comes with risks to GSEs
The increase of nonbank and smaller lenders has its positives and negatives, according to the FHFA-OIG. Nonbanks reduce the concentration of the financial exposure to the GSEs' largest counterparties, but there are credit, operational and reputational risks.
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FHFA Inspector General counters: Here's why nonbanks need prudent regulation

Nonbanks hold $1.4 trillion of $10 trillion market
The Federal Housing Finance Agency Office of the Inspector General suggests the FHFA establish a risk management process unique to nonbank special servicers. This is to better oversee how the GSEs control inherent risks in transferring mortgage servicing rights and performing large scale servicing operations.
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FHFA-OIG: FHFA should sue over force-placed insurance practices

Excessively priced insurance cost GSEs $158 million in 2012
The Federal Housing Finance Agency’s Office of the Inspector General is suggesting that the FHFA sue its servicers and lender-placed insurance providers because Fannie Mae and Freddie Mac have suffered “considerable financial harm” in the LPI market.
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