The Federal Housing Finance Agency said Monday that the combined debt of Fannie Mae, Freddie Mac, and the Federal Home Loan banks was $6.8 trillion at the end of September, exceeding the total publicly held debt of the United States by $1 trillion.
The FHFA also said it has "successfully integrated" the Federal Housing Finance Board, the Office of Federal Housing Enterprise Oversight, and staff from the Department of Housing and Urban Development in less than 90 days.
In a 180-page performance and accountability report, the agency, created in July by the Housing and Economic Recovery Act, said an independent outside audit "found no material weaknesses" in the Finance Board's internal control structure.
The report included a systemwide analysis of the 12 Home Loan banks' purchases and management of mortgage-backed securities.
The FHFA said in the report that OFHEO "substantially achieved" its major performance goals for the fiscal year, which ended Sept. 30, with its primary duty ensuring the safety and soundness of Fannie and Freddie, which the government took over Sept. 6.
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Corrected November 18, 2008 at 12:19PM: In the Nov. 18 paper, a brief item on page 12, "FHFA: Agencies Are Integrated," misstated the contents of the agency's report. It did not include a systemwide analysis of Home Loan bank purchases and management of mortgage-backed securities. An editing error was to blame.