The regular fraud reports created by the GSEs are not being put to good use by the Federal Housing Finance Agency, said the FHFA Office of Inspector General. In fact, FHFA’s examiners don’t even review the reports when supervising Fannie Mae and Freddie Mac activities. In an evaluation report published earlier this week, the IG said the FHFA does not make a documented, systematic use of the content of monthly and quarterly fraud reports that could be helpful for examiners. There’s no specific methodology for fraud detection and reporting, only requiring the GSEs to maintain adequate and efficient internal controls, policies, procedures and an operational training...