In a testament to its dedication to transparency and responsible oversight, the Federal Housing Finance Agency (FHFA) has released its annual Performance and Accountability Report for the fiscal year 2024. This comprehensive document sheds light on the agency's multifaceted role as the regulator of the Federal Home Loan Bank System and the conservator of Fannie Mae and Freddie Mac, two of the nation's largest government-sponsored enterprises (GSEs).

Upholding the Highest Standards of Financial Stewardship

Unparalleled Audit Excellence

For the sixteenth consecutive year, FHFA has received an unmodified audit opinion on its financial statements from the U.S. Government Accountability Office (GAO). This remarkable achievement underscores the agency's unwavering commitment to maintaining the highest standards of financial reporting and transparency. The GAO's findings also revealed no instances of reportable noncompliance with the applicable laws and regulations, further solidifying FHFA's reputation as a diligent and responsible steward of public funds.

Adherence to Accounting Principles

FHFA's financial statements are prepared in accordance with the U.S. Generally Accepted Accounting Principles (GAAP) as specified by the Federal Accounting Standards Advisory Board for federal government entities. This adherence to established accounting standards ensures the accuracy, reliability, and comparability of the agency's financial information, enabling stakeholders to make informed decisions and maintain confidence in FHFA's operations.

Independent Auditing Process

The comprehensive audit of FHFA's consolidated and combined financial statements is conducted by the GAO in accordance with the Housing and Economic Recovery Act of 2008. This independent review process further reinforces the agency's commitment to accountability and transparency, as it provides an objective assessment of FHFA's financial management and compliance with relevant laws and regulations.

Fostering Trust through Transparency

FHFA's unwavering dedication to financial stewardship and transparent reporting not only upholds the public's trust but also serves as a model for other government agencies and regulatory bodies. By consistently demonstrating its commitment to the highest standards of financial management and oversight, FHFA solidifies its position as a trusted guardian of the nation's housing finance system.

Empowering Informed Decision-Making

The annual Performance and Accountability Report equips stakeholders, policymakers, and the general public with a comprehensive understanding of FHFA's activities and the impact of its regulatory and conservatorship responsibilities. This level of transparency enables informed decision-making and fosters a deeper appreciation for the agency's critical role in maintaining the stability and resilience of the U.S. mortgage markets.

Navigating the Evolving Landscape

As the housing finance landscape continues to evolve, FHFA's commitment to accountability and transparency becomes increasingly vital. By consistently upholding the highest standards of financial reporting and regulatory oversight, the agency ensures that its actions and decisions are aligned with the best interests of the American people and the broader financial system.

Driving Positive Change through Transparency

FHFA's unwavering dedication to transparency and accountability serves as a powerful catalyst for positive change within the housing finance industry. By setting the bar high for financial reporting and regulatory oversight, the agency inspires other institutions to follow suit, ultimately strengthening the overall integrity and stability of the U.S. mortgage markets.