FHFA Performance and Accountability Report

2005 Performance and Accountability Report

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. Subsequently, OFHEO entered into an agreement with Fannie Mae requiring the company to restate prior period financial statements and address other issues raised in the special examination. The special examination will continue into 2006.Related News Release​