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Tag Archives: FHFAOIG

FHFA Inspector General Cautions Profitability of GSEs Might Not Continue

In a white paper released Wednesday titled "The Continued Profitability of Fannie Mae and Freddie Mac is Not Assured," the Office of Inspector General of the Federal Housing Finance Agency (FHFA) warned that the profitability of the two GSEs may not continue due to their having to rely on core earnings for profits in the future.

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Fannie and Freddie Take on Riskier Portfolios

According to a report issued Thursday by the Federal Housing Finance Agency Office of the Inspector General, Fannie and Freddie are increasingly making riskier deals by buying more mortgages from smaller and non-bank lenders.

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Servicing Temporarily Restricted for Nationstar Last Year

Citing people familiar with the matter, the Wall Street Journal reported Tuesday that Nationstar, a large mortgage processor with millions of mortgages in its portfolio, was temporarily suspended from buying the rights to home loans backed by Fannie Mae and Freddie Mac because of concerns that the servicer was under capitalized.

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Audit of Common Securitization Platform Finds Organizational Problems

The Federal Housing Finance Agency Office of the Inspector General (FHFAOIG) released its latest update on the status of the development of the Common Securitization Platform (CSP). In a recent speech, FHFA director Mel Watt said the continued development of the Common Securitization Platform is one of the most important goals for Fannie Mae and Freddie Mac going forward.

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FHFAOIG Audits GSEs’ Mortgage Insurers

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) performed an audit on the financial conditions of mortgage insurers used for loans purchased by Fannie Mae and Freddie Mac to assess their exposure to risk. The FHFA, as the regulator for Fannie and Freddie, provides oversight of the GSEs and contracted CohnReznick LLP to perform the audit.

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NAMFS Critiques FHFAOIG Report on Property Inspections

The National Association of Mortgage Field Services (NAMFS) recently issued a critique of an audit performed by the Federal Housing Finance Agency’s Office of the Inspector General (FHFAOIG). NAMFS doesn't believe that the report properly assessed the over 15 million inspections done each year in the United States.

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Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo

2015 HUD

After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.

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Audit Reveals Lack of Quality Control for Pre-Foreclosure Property Inspections

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released a report detailing the results of an audit performed on pre-foreclosure property inspections. The audit was conducted after the FHFAOIG learned of fraudulent property inspections reports submitted to the FHFA, Fannie Mae, and Freddie Mac by a contractor resulted in $12.7 million in payouts.

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FHLBanks Director Expense Reports Contain ‘Inconsistencies’

2015 HUD

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released findings on the reporting of Federal Home Loan Bank (FHLB) director expenses. The OIG found, "FHFA has not included information about FHLBank director expenses in its annual reports to Congress, as required by HERA."

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