Federal Housing Finance Agency
|Federal Housing Finance Agency|
|Founded||July 30, 2008|
|Products||Oversees vital components of U.S. secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks|
The Federal Housing Finance Agency (FHFA) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. As of October of 2008, these government-sponsored enterprises provide more than $6.2 trillion in funding for the U.S. mortgage markets and financial institutions.
FHFA was formed by a legislative merger of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB) and the U.S. Department of Housing and Urban Development (HUD) government-sponsored enterprise (GSE) mission team.
FHFA was created on July 30, 2008, when the Office of the President signed into law the Housing and Economic Recovery Act of 2008. The act created an empowered regulator with all of the authorities necessary to oversee vital components of U.S. secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
The law also combined the staffs of OFHEO, FHFB and the GSE mission office at HUD. The hope was that the establishment of FHFA would promote a stronger, safer U.S. housing finance system. As of June 2008, the combined debt and obligations of these GSEs totaled $6.6 trillion, exceeding the total publicly held debt of the USA by $1.3 trillion. The GSEs also purchased or guaranteed 84 percent of new mortgages.
Products and Services
- Director, James B. Lockhart III