23
Joint Report on Federally Owned or Overseen Real Estate Owned Properties • May 2013
to work with the Department to improve HUD’s eectiveness. As a result,
HUD-OIG has developed and implemented beer and more eective audit
recommendations.
During the public reporting period from April 1 through September 30,
2012, HUD-OIG’s audit work identied more than $827 million in funds that
could be put to beer use and more than $1.2 billion in questioned costs, and
accumulated nearly $34 million in collections. HUD-OIG reported more than
$538 million in recoveries and receivables, 354 indictments and informations,
285 convictions, pleas, and pretrial diversions, and 280 arrests.
21
Federal Housing Finance Agency
FHFA was established by the Housing and Economic Recovery Act of
2008 (HERA) in the midst of the worst economic crisis in decades. HERA
created FHFA by consolidating into one agency HUD’s Oce of Federal
Housing Enterprise Oversight, the Federal Housing Finance Board, and
the GSE mission oce within HUD. FHFA’s mission is to provide eective
supervision, regulation, and oversight of Fannie Mae, Freddie Mac, and the 12
Federal Home Loan Banks. FHFA is charged with promoting their safety and
soundness, supporting housing nance and aordable housing, and fostering
a stable and liquid mortgage market. In September 2008, FHFA became the
conservator of Fannie Mae and Freddie Mac. At that time, both GSEs began to
receive federal support and, to date, have received a combined total of $187.5
billion from the Treasury. As conservator, FHFA has the authority to ensure
that they are preserving and conserving their assets.
HERA also established FHFA-OIG. FHFA-OIG began operating in October
2010, following Senate conrmation of its rst Inspector General. FHFA-
OIG works to promote the economy, eciency, and eectiveness of FHFA’s
programs; prevent and detect fraud, waste, and abuse; and seek sanctions
and prosecutions against those who are responsible for such fraud, waste,
and abuse. FHFA-OIG also provides independent and objective reporting
to the FHFA Director, Congress, and the American people through audits,
evaluations, and investigations. Among the eects of FHFA-OIG’s reporting
eorts is Freddie Mac’s likely recovery of approximately $1 billion in added
income in 2012 and up to $3.4 billion in later years, due to Freddie Mac
broadening the scope of loans reviewed for potential repurchase claims after
FHFA-OIG determined that its prior loan review scope was too narrow.
21 An information is a charging document in which the defendant foregoes his or her constitutional
right to have the facts of the case presented to a grand jury. Usually, an information is accompanied by
a plea agreement.