FHFA's Oversight of the Enterprises' Management of High-Risk Seller/Servicers

OIG – FHFA’s Oversight of the Enterprises’ Management of High-Risk Seller/Servicers (AUD-2012-007) – 09/18/2012

  • “FHFA’s 2012 draft examination manual provides guidance to Agency examiners concerning how to review contingency plans. FHFA has been field testing the draft manual and expecting that the Enterprises will develop contingency plans after learning that the Agency instructs its examiners to look for plans during examinations. However, although the Agency recently asked the Enterprises to develop such plans as part of FHFA’s supervisory process, the Agency has not published guidance requiring them to do so or governing their contents. Accordingly, as of April 2012, the Enterprises had not developed comprehensive contingency plans for any of their more than 300 high-risk counterparties.”
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