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GAO-14-171R 1 (2013-12-16)

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GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548


December 16, 2013

The Honorable Tim Johnson
Chairman
The Honorable Mike Crapo
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate

The Honorable Jeb Hensarling
Chairman
The Honorable Maxine Waters
Ranking Member
Committee on Financial Services
House of Representatives

Financial Audit: Federal Housing Finance Agency's Fiscal Years 2013 and 2012 Financial
Statements

This report transmits the GAO auditor's report on the results of our audits of the fiscal years
2013 and 2012 financial statements of the Federal Housing Finance Agency (FHFA), which is
incorporated in the enclosed Federal Housing Finance Agency Performance and Accountability
Report for Fiscal Year 2013. These financial statements are the responsibility of FHFA.

As discussed more fully in the auditor's report that begins on page 96 of the enclosed
Performance and Accountability Report, we found

   * the FHFA financial statements as of and for the fiscal years ended September 30, 2013,
       and 2012, are presented fairly, in all material respects, in accordance with U.S. generally
       accepted accounting principles;

   * FHFA maintained, in all material respects, effective internal control over financial
       reporting as of September 30, 2013; and

   * no reportable noncompliance for fiscal year 2013 with provisions of applicable laws,
       regulations, contracts, and grant agreements we tested.

The Housing and Economic Recovery Act of 20081 established FHFA as an independent
agency empowered with supervisory and regulatory oversight of the housing-related
government-sponsored enterprises: Federal National Mortgage Association (Fannie Mae),
Federal Home Loan Mortgage Corporation (Freddie Mac), the 12 Federal Home Loan Banks,

1Pub. L. No. 110-289 (July 30, 2008).


GAO-1 4-171 R FHFA's Fiscal Years 2013 and 2012 Financial Statements


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