Financial audit: Financial statements of the Federal Housing Finance Agency for the financial years 2020 and 2019

What GAO found

GAO has found (1) that the financial statements of the Federal Housing Finance Agency (FHFA) for the years ended September 30, 2020 and 2019 are presented fairly, in all material respects, in accordance with United States generally accepted accounting principles; (2) The FHFA has maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020; and (3) no non-compliance to report for fiscal 2020 with the provisions of applicable laws, regulations, contracts and grant agreements tested by GAO. In its written comments on a draft of this report, the FHFA said it was happy to accept the audit findings and would continue to work to improve its internal control and ensure the reliability of its financial reports, the soundness of its operations and public confidence in its mission.

Why GAO did this study

The Housing and Economic Recovery Act of 2008 established the FHFA as an independent agency empowered to oversee and control government-sponsored housing-related businesses: the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the 11 Federal Home Loan Banks and the Bureau of Finance. This law requires the FHFA to prepare financial statements each year and the GAO to audit the agency’s financial statements. In accordance with the law, GAO audited the financial statements of the FHFA.

For more information, contact Cheryl E. Clark at (202) 512-3406 or [email protected]

Louis R. Hancock

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