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GAO-20-198R 1 (2019-11-19)

handle is hein.gao/gaobaeafo0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 19, 2019 The Honorable Michael Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Financial Audit: Federal Housing Finance Agency's FY 2019 and FY 2018 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2019 and 2018 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 2019. As discussed more fully in the auditor's report that begins on page 75 of the enclosed agency performance and accountability report, we found * the FHFA financial statements as of and for the fiscal years ended September 30, 2019, and 2018, 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, 2019; and * no reportable noncompliance for fiscal year 2019 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. 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.1 This act requires FHFA to annually prepare financial statements and requires GAO to audit the agency's financial statements.2 In accordance with the act, we have audited FHFA's financial statements. 1The 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. 2pub. L. No. 110-289, § 1106,122 Stat. 2654, 2671 (July 30, 2008), classified at 12 U.S.C. § 4516. GAO-20-198R FHFA's FY 2019 and FY 2018 Financial Statements Page 1

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