The 2007 Performance and Accountability Report (PAR) details OFHEO’s operations and accomplishments as the safety and soundness regulator for Fannie Mae and Freddie Mac in the fiscal year ended September 30, 2007. For the tenth straight year, OFHEO received a clean audit opinion from the agency’s external auditors and achieved numerous other accomplishments, detailed in the report:
-
OFHEO continued to strengthen its operations and standards across all aspects of its supervision program. It published a major update to its Supervision Handbook, which outlines the agency’s supervisory program to examine the Enterprises, and published three new examination guidances.
-
The agency worked with other federal regulators and took proactive steps to help ease the impact of volatility in the mortgage markets, including implementing the subprime and nontraditional mortgage guidances.
-
Oversight of remediation efforts at the companies proceeded but at the end of the reporting period neither Fannie Mae nor Freddie Mac had completed all of the items in their consent orders.
-
In addition to OFHEO’s continuous supervision and examination, in FY 2007, OFHEO conducted 40 targeted examinations of the Enterprises including reviews of internal audit planning and guarantee fee pricing models.
-
94 percent of the Matters Requiring Attention (MRAs) in the examination process that were due were completed by the Enterprises and validated by OFHEO.
-
OFHEO resolved the enforcement actions against former executives at Freddie Mac and filed a Notice of Charges against three former executives at Fannie Mae.
-
The agency made significant progress on the President’s Management Agenda (PMA) during FY 2007, including committing to five government-wide PMA initiatives.
-
The agency’s 2006 OMB Program Assessment Rating Tool (PART) assessment, published in February 2007, found that OFHEO has improved its effectiveness, and that the agency’s key obstacle is the lack of legislation to strengthen its regulatory powers.
-
OFHEO updated its Continuity of Operations (COOP) Plan, which identifies essential functions and alternate plans in an emergency.
-
OFHEO published a Human Capital Strategic Plan and enhanced recruitment efforts in order to fill numerous vacancies and ensure a strong agency workforce.
-
OFHEO launched a revamped and updated website with improved features and easier navigation.
-
OFHEO published a Technology and Information Management Five-Year Strategic Plan.