On March 22, the Office of Inspector General for the Federal Housing Finance Agency (FHFA IG) released the results of the following audit and surveys: (i) an audit of Fannie Mae’s single-family underwriting standards, (ii) a survey of FHFA’s oversight of the charitable activities of Fannie Mae and Freddie Mac, and (iii) a survey of FHFA’s oversight of Fannie Mae’s and Freddie Mac’s expenses related to the 2011 Mortgage Bankers Association Convention. The FHFA IG found that FHFA’s oversight of Fannie Mae’s underwriting is limited, so FHFA should strengthen and formalize its processes for reviewing underwriting standards and variances. With regard to charitable contributions, the FHFA IG found that there is no need to conduct further evaluations because these contributions are scheduled to end by 2015. Similarly, the FHFA IG concluded that FHFA’s new directive on conference sponsorships and expenditures for food will be sufficient if properly implemented.