The FHFA Inspector General has found that, on more than one occasion, the agency failed to disclose more than half the cost of developing the technology behind the single security platform.
Moody's and Fitch say there is a possibility that Fannie's and Freddie's ratings could be downgraded if government support for the two mortgage giants is reduced through housing-finance reform.
New legislation has been introduced in response to an FHFA OIG report that Fannie and Freddie circumvented the rule of law with respect to CEO salary caps.
At his swearing-in ceremony, FHFA Director Mark Calabria stressed the urgency of bringing GSE reforms, citing the vulnerability of the housing-finance sector.