Congress enacted the Inspector General Act of 1978 to ensure integrity and efficiency in government. Both the Federal Housing Finance Agency (FHFA or Agency) and this Office of Inspector General (OIG) were established by Congress. FHFA-OIG is led by an Inspector General who is appointed by the President and subject to Senate confirmation.
FHFA-OIG promotes economy, efficiency, and effectiveness and protects FHFA and the entities it regulates against fraud, waste, and abuse, contributing to the liquidity and stability of the nation’s housing finance system. We accomplish this mission by providing independent, relevant, timely, and transparent oversight of the Agency in order to promote accountability, integrity, economy, and efficiency; advising the Director of the Agency and Congress; informing the public; and engaging in robust enforcement efforts to protect the interests of the American taxpayers.
Our Core Values
FHFA-OIG’s core values are integrity, respect, professionalism, and results. Accordingly, we strive to maintain the highest level of integrity, professionalism, accountability and transparency in our work. We follow the facts—wherever they go, without fear or favor; report findings that are supported by sufficient evidence in accordance with professional standards; and recommend actions tied to our findings. Our work is risk-based, credible, and timely. We play a vital role in promoting the economy and efficiency in the management of the Agency and view our oversight role both prospectively (advising the Agency on internal controls and oversight, for example) and retrospectively (by assessing the Agency’s oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks and its conservatorship of Fannie Mae and Freddie Mac). The U.S. taxpayers have invested $191.5 billion into Fannie Mae and Freddie Mac; our oversight role reaches third parties (such as lenders and servicers) who deal with those entities to ensure that they are satisfying their obligations to these entities and that taxpayer monies are not wasted or misused.
We emphasize transparency in our oversight work to the fullest reasonable extent to foster accountability in use of taxpayer monies and program results. We seek to keep the Agency’s Director, members of Congress, and the American taxpayers fully and currently informed of our oversight activities, including problems and deficiencies in the Agency’s activities as regulator and conservator and the need for corrective action.