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Federal Housing Finance Board, Independent Agencies (81 - 90 of 191 items)
Federal Home Loan Mortgage Corporation: Abuses in Multifamily Program Increase Exposure to Financial Losses
RCED-92-6: Published: Oct 7, 1991. Publicly Released: Oct 15, 1991.
Pursuant to a congressional request, GAO examined whether the Federal Home Loan Mortgage Corporation's (Freddie Mac) procedures governing the purchasing and servicing of 35 Bronx, New York, multifamily mortgages adequately protected its investments.GAO found that: (1) because of weak controls, Freddie Mac did not detect patterns of inaccurate and incomplete information in the appraisals and report...
Failed Thrifts' Assets: RTC's Oversight of 1988 Deals Needs Improvement
GGD-91-116: Published: Aug 21, 1991. Publicly Released: Aug 21, 1991.
GAO assessed the Federal Savings and Loan Insurance Corporation's (FSLIC) oversight of the asset disposition plans submitted by institutions that acquired failed thrifts in fiscal year (FY) 1988 under financial assistance agreements.GAO found that: (1) FSLIC adhered to available guidance in approving or rejecting the asset disposition plans; (2) the 92 approved plans provided information on the hi...
Financial Audit: FSLIC Resolution Fund's 1989 Financial Statements
AFMD-91-69: Published: Aug 2, 1991. Publicly Released: Aug 2, 1991.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) Resolution Fund financial statements for the period August 9, 1989 through December 31, 1989.GAO found that: (1) the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created the Fund to manage and dispose of assets and pay debts, obligations, contracts, and other liabilities resulting from FSLIC initiated...
Federal Asset Disposition Association: No Economic Basis for Reported Fee Income Under 1988 Letter Agreement
AFMD-91-15: Published: Jul 29, 1991. Publicly Released: Jul 29, 1991.
GAO reviewed a 1988 letter agreement for asset management services between the Federal Asset Disposition Association (FADA) and the Federal Savings and Loan Insurance Corporation (FSLIC), focusing on: (1) the justification for FSLIC paying FADA for services performed under the letter agreement; and (2) whether FADA fairly presented the FSLIC payments in its December 31, 1988, financial statements...
Secondary Mortgage Market: Home Loans in the Atlanta Area
T-RCED-91-13: Published: Feb 28, 1991. Publicly Released: Feb 28, 1991.
GAO discussed the secondary home loan mortgage market in Atlanta, Georgia, focusing on racial discrimination in home mortgage lending. GAO noted that: (1) the combined secondary mortgage market purchases made or insured in Atlanta by the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Department of Housing and Urban Development (HUD) ge...
Budget Issues: Profiles of Government-Sponsored Enterprises
AFMD-91-17: Published: Feb 1, 1991. Publicly Released: Feb 1, 1991.
GAO studied the activities, characteristics, and financial growth of government-sponsored enterprises (GSE), focusing on the: (1) government's potential risk exposure from GSE activities; and (2) current federal budgetary treatment of GSE activities.GAO found that, from fiscal years (FY) 1980 to 1989, total GSE: (1) net borrowing and sales of mortgage-backed securities grew from $29.2 billion to $...
Secondary Mortgage Market: Information on Underwriting and Home Loans in the Atlanta Area
RCED-91-2: Published: Nov 28, 1990. Publicly Released: Jan 2, 1991.
Pursuant to a congressional request, GAO examined home secondary mortgage lending, focusing on whether: (1) underwriting criteria of secondary market institutions and private mortgage insurers contributed to racial discrimination; and (2) statistical evidence of discrimination existed in the Atlanta, Georgia, area by home mortgage lenders that were not depository institutions.GAO found that: (1) u...
Failed Thrifts: FDIC Oversight of 1988 Deals Needs Improvement
GGD-90-93: Published: Jul 19, 1990. Publicly Released: Jul 19, 1990.
GAO reviewed all insolvent institutions resolved by the Federal Savings and Loan Insurance Corporation (FSLIC) from January 1, 1988 through August 9, 1989.GAO found that the Federal Deposit Insurance Corporation did not: (1) properly oversee the disposition of covered assets or manage FSLIC assistance agreements; (2) develop an overall strategy for dealing with covered asset dispositions or adopt...
Financial Audit: Federal Savings and Loan Insurance Corporation's 1989 and 1988 Financial Statements
AFMD-90-79: Published: Jul 17, 1990. Publicly Released: Jul 17, 1990.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC): (1) 1988 and 1989 final financial statements; and (2) internal accounting controls system and compliance with applicable laws and regulations.GAO found that: (1) in 1989, FSLIC reported a capital deficit of $87 billion, the largest ever reported by a public or private corporation; (2) FSLIC reported a $38-billion present-va...
Failed Thrifts: Better Controls Needed Over Furniture, Fixtures, and Equipment
GGD-90-87: Published: May 25, 1990. Publicly Released: Jun 18, 1990.
Pursuant to a congressional request, GAO determined whether the Federal Savings and Loan Insurance Corporation (FSLIC): (1) efficiently and effectively disposed of furniture, fixtures, and equipment (FF&E) for thrift receiverships under its Southwest Plan; and (2) appropriately took various receiverships' FF&E to furnish a regional FSLIC office.GAO found that: (1) after deducting expenses, FSLIC r...