Federal Housing Finance Agency Fiscal Year 2014 Performance and Accountability Report

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http://www.gao.gov/assets/670/666956.pdf

This report was published in November 2014, though I personally just discovered it.  I thought the report would of interest to some.

My favorite word in the report is highlighted in the passage below:

In September 2008, after Fannie Mae and Freddie Mac were placed in conservatorship under the FHFA, the Office of Management and Budget (OMB) determined that the assets, liabilities and activities of the companies would not be included in the financial statements of the federal government. For fiscal year 2008, OMB and the Department of the Treasury (Treasury) concluded that Fannie Mae and Freddie Mac did not meet the conclusive or indicative criteria for a federal entity contained in OMB Circular A-136, Financial Reporting Requirements, and Statement of Federal Financial Accounting Concepts No. 2, Entity and Display, because they are not listed in the section of the federal government’s budget entitled “Federal Programs by Agency and Account,” and because the nature of FHFA’s conservatorships over Fannie Mae and Freddie Mac and the federal government’s ownership and control of the entities is considered to be  temporary.  Treasury reaffirmed this position, with which FHFA concurs. OMB continued to hold this view in the President’s budget submissions to Congress. Consequently, the assets, liabilities, and activities of Fannie Mae and Freddie Mac have not been consolidated into FHFA’s financial statements. However, Treasury records the value of the federal government’s investments in Fannie Mae and Freddie Mac in its financial statements as a General Fund asset.

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