FHFA Formally Established As Independent Agency

Posted by Orb Staff on September 05, 2008 No Comments
Categories : Residential Mortgage

The Federal Housing Finance Agency (FHFA) has transmitted to the Federal Register a Notice of Establishment of a New Independent Agency. This provides formal public notice of the existence of the FHFA, its purpose and the chapter of the Code of Federal Regulations (CFR) that it will employ for public dissemination of regulations, guidances and other publications. The new chapter of the Code is Title 12 CFR Chapter XII.

FHFA was established July 30 under the Housing and Economic Recovery Act of 2008, and the agency reports it is making good progress in integrating the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board and U.S. Department of Housing and Urban Development's mission and affordable housing programs.

New regulations will be necessary to address routine merger matters, as well as to implement, where necessary, the many new authorities, powers and directions given to FHFA that modernize and strengthen supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. All existing regulations, orders and decisions of OFHEO and the finance board remain in effect until modified or superseded.

"FHFA was established to ensure that Fannie Mae, Freddie Mac and the Federal Home Loan Banks operate in a safe and sound manner," said FHFA Director James B Lockhart in a press statement. "We are working quickly to set up the regulatory framework needed to make certain that their operations and activities foster liquid, efficient, competitive, and resilient national housing finance markets."

To see the complete Notice of Establishment, visit www.ofheo.gov.

SOURCE: Federal Housing Finance Agency

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