December 9, 2022

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Financial Audit: Federal Housing Finance Agency’s FY 2022 and FY 2021 Financial Statements

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What GAO Found

GAO found (1) the Federal Housing Finance Agency’s (FHFA) financial statements as of and for the fiscal years ended September 30, 2022, and 2021, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2022; and (3) no reportable noncompliance for fiscal year 2022 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 was pleased to accept GAO’s unmodified audit opinions. In addition, it will continue to work to enhance its internal control and ensure the reliability of its 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 (202) 512-7795 or sitwilliamsa@gao.gov.

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