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GAO-17-139R 1 (2016-11-15)

handle is hein.gao/gaobaakjf0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown 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 2016 and 2015 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2016 and 2015 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 2016. As discussed more fully in the auditor's report that begins on page 54 of the enclosed agency performance and accountability report, we found * the FHFA financial statements as of and for the fiscal years ended September 30, 2016, and 2015, 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, 2016; and * no reportable noncompliance for fiscal year 2016 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: 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.2 This act requires FHFA to annually prepare financial statements and requires GAO to audit the agency's financial statements. In accordance with the act, we have audited FHFA's financial statements. 1Pub. L. No. 110-289, 122 Stat. 2654 (July 30, 2008). 2The 11 Federal Home Loan Banks and the Office of Finance, whose primary function is to issue and service all debt securities for the Federal Home Loan Banks, constitute the Federal Home Loan Bank System. GAO-1 7-139R FHFA's Fiscal Years 2016 and 2015 Financial Statements Page 1

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