Fannie Mae and Freddie Mac were not ready for the new representation and warranty framework that took effect early last year at the insistence of the Federal Housing Finance Agency, according to a new Inspector General audit. Announced in September 2012 and implemented Jan. 1, 2013, the framework relieved sellers from certain reps and warrants, including those relating to credit underwriting and eligibility of the borrower and the property that were formerly effective for the life of the loan.