The Government Accountability Office took the Federal Housing Finance Agency to task last week for its less-than-transparent policy direction regarding guaranty fees. The wide-ranging report on housing finance reform efforts noted that the FHFA’s opaque position makes it difficult to hold the regulator accountable. “The lack of clearly stated goals for FHFA that recognize the potential trade-off between bringing private capital back into the market and making mortgage credit available has led to inconsistency in [the FHFA’s] policy on the level of guaranty fees on mortgage-backed securities issued by the enterprises,” the GAO said.