The Federal Housing Finance Agency Office of Inspector General released three reports last week accusing the FHFA of shirking its responsibility to effectively examine Fannie Mae and Freddie Mac.The first report said the FHFA failed to deliver timely reports of its examinations to the GSE boards and obtain written responses back from the boards about remediating specific concerns. The FHFA and Division of Enterprise Review provide examiners with “very limited guidance” for communicating the exams’ findings, conclusions, and ratings to the board of directors of a regulated entity, according to the report. “In contrast, other federal financial regulators have issued detailed...