We identified gaps in Ginnie Mae’s guidance and process for troubled issuers.  Ginnie Mae made progress in developing an issuer default governance framework, but has not (1) defined its authorities for marketing troubled portfolios; (2) formalized guidance for how to identify potential buyers before extinguishment; (3) established expectations for determining portfolio value, price before sale, and evaluation against other options or (4)…

We reviewed the general and application controls over the Federal Housing Administration’s subsidiary ledger as part of the internal control assessments required for the fiscal year 2014 financial statement audit under the Chief Financial Officer’s Act of 1990.  Our objective was to review the effectiveness of general and application controls over the subsidiary ledger for compliance with the U.S. Department of Housing and Urban…