Financial Audit:

Government National Mortgage Association's Financial Statements for 1986

AFMD-87-55: Published: Sep 30, 1987. Publicly Released: Sep 30, 1987.

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GAO examined the financial statements of the Government National Mortgage Association (GNMA) for the year ended September 30, 1986, and the related statements of operations and changes in its financial position for the year then ended.

GAO found that the financial statements presented fairly the financial position of GNMA as of September 30, 1986, and the results of its operations and changes in financial position for the year then ended, in conformance with generally accepted accounting principles applied on a consistent basis. GAO also found that: (1) GNMA made no adjustment in its 1985 financial statements to revalue its portfolio of mortgages for liquidation; (2) its reduction of the government's investment reflected a portfolio loss of $460.2 million; and (3) GNMA complied with laws and regulations which could have a material effect on the financial statements.

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