Financial Audit: Federal Housing Finance Agency's FY 2025 Financial Statements
Fast Facts
The Federal Housing Finance Agency’s goal is to keep the housing finance system healthy by supervising and regulating Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System.
FHFA incurred $417.9 million in costs to run the agency in FY 2025.
We audit and issue opinions annually on the agency’s financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded).
In FY 2025, we found the statements were reliable and that controls over financial reporting were effective—although some financial reporting controls could continue to be improved.
Federal Housing Finance Agency logo
Highlights
What GAO Found
GAO found (1) the Federal Housing Finance Agency's (FHFA) financial statements as of and for the fiscal year ended September 30, 2025, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025; and (3) no reportable noncompliance for fiscal year 2025 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In its written comments on a draft of this report, FHFA stated that it is pleased to accept GAO's unmodified opinion on its financial statements and maintains its commitment to strong internal controls and reliable financial reporting.
Why GAO Did This Study
The Housing and Economic Recovery Act of 2008 established FHFA as an independent agency empowered with supervisory and regulatory oversight of the housing-related government-sponsored enterprises: the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the 11 Federal Home Loan Banks, and the Office of Finance. This act requires FHFA to prepare financial statements annually and requires GAO to audit the agency's financial statements. In accordance with the act, GAO audited FHFA's financial statements.
For more information, contact Anne Sit-Williams at sitwilliamsa@gao.gov.