OIG Finds GSEs at Risk from Counterparties; Advices Contingency Plans

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Posted To: MND NewsWire

The Federal Housing Finance Agency's Office of Inspector General ( FHFA OIG ) has recommended that FHFA issue standards for the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to develop contingency plans for its high risk sellers and servicers and finalize its examination guidance regarding contingency planning. FHFA OIG recently looked how well FHFA is managing and overseeing the GSEs in areas related to the risk posed to the GSEs by their sellers and servicers (counterparties). The report issued by FHFA-OIG on this evaluation is the third to come out of the office this week related to GSE servicing. The GSEs own or guarantee $4.6 trillion of the nation's $10.4 trillion in outstanding single family mortgages which they acquire from lenders and bundle into mortgage-backed...(read more)

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Source: www.mortgagenewsdaily.com

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