The new report from the Federal Housing Finance Agency’s Office of Inspector General says that whileFannie Mae and Freddie Mac returned to profitability in 2012, but that profitability is not a sure thing going forward.

The report notes that the mortgage industry is complex, cyclical, and sensitive to changes in economic conditions, mortgage rates, house prices, and other factors. “The enterprises have acknowledged in their public disclosures that adverse market and other changes could lead to additional losses and that their financial results are subject to significant variability from period to period,” the OIG says.

As noted by the Urban Institute, Freddie Mac’s profits are not pulling in the same results as its counterpart Fannie Mae, in addition to results being drastically lower than a couple years ago.

The significant drop has caused industry concern that it may be headed for another draw on Treasury, something both enterprises have avoided…