The Federal Housing Finance Agency has rejected in part or fully each of three recommendations made by its Inspector General regarding its oversight of Fannie Mae's and Freddie Mac's relationships with private mortgage insurers.

The inspector general's audit, conducted by the accounting firm CohnReznick, says the agency should have issued formal guidance to Fannie Mae and Freddie Mac about doing business with the MIs that were in a weakened financial state during the bust.

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