The GAO found: (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations we tested. The Housing and Economic Recovery Act of 2008 established FHFA as an independent agency empowered with supervisory and regulatory oversight of the housing-related government-sponsored enterprises: Fannie Mae, Freddie Mac, the 12 Federal Home Loan Banks, and the Office of Finance. The Act requires FHFA to annually prepare financial statements and requires GAO to audit the agency's financial statements. This report responds to these requirements.