Office of Federal Housing Enterprise Oversight Report to Congress, 2010

摘要

This is Federal Housing Finance Agency's (FHFA's) Report to Congress, which presents the findings of the agency's 2010 examinations of Fannie Mae and Freddie Mac (Enterprises), the 12 Federal Home Loan Bank's (FHLBank's) and the FHLBank's Office of Finance. This report meets the requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008 (HERA). FHFA is an independent regulatory agency, and the views in this report are its own. Since being placed in conservatorships in September 2008, Fannie Mae and Freddie Mac each received composite examination ratings reflecting critical supervisory concerns. These ratings result from continuing credit losses in 2010 from loans originated during 2005 through 2007, as well as forecasted losses from loans originated during that time period that are yet to be realized. The examination findings described in this report identify key challenges facing each company, including but not limited to credit risk, operational risk, modeling risk, and retention of qualified leadership and personnel. As a result of the conservatorships, federal government support, and an improved corporate governance structure, the Enterprises played a critical role in facilitating liquidity for single-family and multifamily housing. The Enterprises share of new single-family mortgage production was more than 60 percent of the market in 2010. Throughout 2010, FHFA continued to meet its obligation as conservator, which requires it to minimize credit losses to the Enterprises, which minimizes losses to the government. Although past business decisions leading to these losses cannot be undone, each Enterprise, under the oversight and guidance of FHFA as conservator and regulator, has improved underwriting standards for loan purchases in the past two years. The Enterprises minimized risk of future losses by strengthening underwriting standards and implementing a stronger pricing structure. Another way FHFA minimized losses was to require the Enterprises to enforce existing contractual representation and warranty loan repurchase agreements with lenders.