Financial Audit:

Federal Home Loan Mortgage Corporation's 1988 Financial Statements

AFMD-89-102: Published: Sep 22, 1989. Publicly Released: Sep 22, 1989.

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GAO examined a certified public accountant's audit of the Federal Home Loan Mortgage Corporation's consolidated financial statements for the year ended December 31, 1988.

GAO found that the: (1) financial statements presented fairly the Corporation's operations and changes in financial position for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis; and (2) accountant's report did not disclose any material internal accounting control weaknesses or noncompliance with laws and regulations. GAO also found that: (1) recently enacted legislation changed the composition of the Corporation's board of directors and provided the Secretary of the Department of Housing and Urban Development with general regulatory power over the Corporation; and (2) although the Corporation has experienced uninterrupted growth in earnings, assets, and portfolio size since 1983, it believes that fundamental changes occurring in the mortgage industry will make duplication of that growth difficult over the next few years.

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