Federal Housing Finance Agency

Federal Housing Finance Agency

Federal Housing Finance Agency can update its oversight, report says

The Federal Housing Finance Agency isn't taking full advantage of a database that tracks information on Freddie Mac and Fannie Mae, said a report by the agency's inspector general.

The Call Report System contains useful information like quarterly financial reports.  FHFA was already getting the data, the report noted, but using the database could help streamline the process and help keep the information reliable.

The FHFA agreed with the report and has already taken steps to use the CRS database.

Freddie Mac and Fannie Mae were given $187.5 billion in taxpayer money to try to stabilize the housing crisis.

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UPDATED 13:10 PM EDT, July 23, 2012

FHFA not using call report system effectively, report says

The Federal Housing Finance Agency can enhance its supervision of the Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks by examining opportunities to use its call report system (CRS) more effectively, the agency's Office of Inspector General concluded.

The report found that two FHFA supervisory divisions rarely use CRS in their analysis and oversight.

 

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