This report describes how OFHEO met its performance goals during the fiscal year and contains the audited financial statements for fiscal year 2005. Fiscal year 2005 was an important year for OFHEO. In October 2004, OFHEO presented testimony to Congress on the results, as of that date, of the special examination of Fannie Mae’s accounting and internal controls. These included evidence of pervasive and willful misapplication of Generally Accepted Accounting Principles (GAAP) and documentation of critical operational deficiencies.

​​​​The Office of Management and Budget (OMB) issued government-wide information quality guidelines under section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001. The OMB Section 515 Information Quality Guidelines have been prepared to ensure and maximize the quality, objectivity, utility and integrity of information disseminated by Federal agencies. This report transmits FHFA’s responses to OMB's Information Quality Bulletin for Peer Review.

​​The Enterprises

(Freddie Mac and Fannie Mae)

​​The Federal Housing Finance Agency’s (FHFA) Federal Property Manager’s report is transmitted to Congress in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA), titled Assistance to Homeowners. Section 110 of EESA directs Federal Property Managers (FPM) to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures. FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac.

​Third Quarter 2014 Highlights

The Enterprises' Foreclosure Prevention Actions:

• Approximately 72,700 foreclosure prevention actions were completed during the third quarter, bringing the total to more than 3.3 million since the start of conservatorships in September 2008.
• Nearly 2.8 million of these actions have helped troubled homeowners stay in their homes including 1.7 million permanent loan modifications.
• Approximately 34 percent of all permanent loan modifications in the third quarter helped to reduce homeown

The 2007 Performance and Accountability Report (PAR) details OFHEO’s operations and accomplishments as the safety and soundness regulator for Fannie Mae and Freddie Mac in the fiscal year ended September 30, 2007. For the tenth straight year, OFHEO received a clean audit opinion from the agency’s external auditors and achieved numerous other accomplishments, detailed in the report:

October 2014 Highlights

• Refinance volume rose in October, continuing a trend of minor increases. Mortgage rates have fallen from the highs observed in late 2013.

​The FHFA House Price Index (HPI) reported a 0.6 percent increase in U.S. house prices in October from the previous month. From October 2013 to October 2014, house prices were up 4.5 percent. For the nine census divisions, seasonally adjusted monthly price changes from September 2014 to October 2014 ranged from -0.3 percent in the Pacific division to +1.5 percent in the South Atlantic division. The 12-month changes were all positive ranging from +0.8 percent in the Middle Atlantic division to +6.0 percent in the Pacific division.​

Third Quarter 2014 Highlights

• Refinance volume in September continued a trend of minor increases over the last four months but remained comparable to

​Significant Findings: