Watchdog Highlights Fannie, Freddie Staffing Shortfall
Watchdog Highlights Fannie, Freddie Staffing Shortfall
A study by the Federal Housing Finance Agency's Office of Inspector General finds that regulators lack the staff to effectively oversee Fannie Mae and Freddie Mac and consequently have dialed down scrutiny of the government-sponsored enterprises.
The report singles out the FHFA's monitoring of housing inventory owned by the GSEs. Despite a surge in foreclosures that has boosted Fannie Mae's inventory sixfold in the past four years, the study states that "FHFA has yet to conduct a targeted examination" of how the companies manage seized properties.
Source: "Staffing Woes Harm Fannie and Freddie Oversight, Government Watchdog Says," Bloomberg (09/23/11)
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