Federal Housing Finance Agency

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Federal Housing Finance Agency

-1700 G Street, NW, 4th Floor; Washington, DC 20552 Email: FHFAinfo@FHFA.gov

* http://www.fhfa.gov/

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About FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).  With a very turbulent market facing our nation, the strengthening of the regulatory and supervisory oversight of the 14 housing-related GSEs is imperative. The establishment of FHFA will 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% of new mortgages.  Considering the impact of these GSEs on the U.S. economy and mortgage market, it is critical that we intensify our focus on oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. 

FHFA is comprised of combined staffs of the former Office of Federal Housing Enterprise Oversight (OFHEO), the former Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD). 

-Office of Federal Housing Enterprise Oversight (OFHEO)

OFHEO’s mission was to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

-Federal Housing Finance Board (FHFB)

The Federal Housing Finance Board regulated the 12 FHLBanks that were created in 1932 to improve the supply of funds to local lenders that, in turn, finance loans for home mortgages. The board also had regulatory authority and supervisory oversight responsibility for the Office of Finance.

-US Department of Housing and Urban Development (HUD)

HUD’s mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.

Mission

Provide effective supervision, regulation and housing mission oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to promote their safety and soundness, support housing finance and affordable housing, and support a stable and liquid mortgage market.

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Key Senior Staff

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Acting Director
Edward DeMarco
Director@FHFA.gov
202.414.6923

Meet the Director: On August 25, 2009 President Obama designated Edward J. DeMarco the Acting Director of the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks effective September 1, 2009.  Mr. DeMarco was appointed Chief Operating Officer and Senior Deputy Director for Housing Mission and Goals for FHFA in 2008 after enactment of the Housing and Economic Recovery Act of 2008, the legislation that established FHFA.  Mr. DeMarco joined the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor agency to FHFA, in October 2006 as its Chief Operating Officer and Deputy Director.  He came to OFHEO from the Social Security Administration (SSA) where, as Assistant Deputy Commissioner for Policy, he led SSA’s policy, research, and statistics functions.  Before joining SSA in 2003, Mr. DeMarco was Director of the Office of Financial Institutions Policy at the U.S. Department of the Treasury where he oversaw analyses of public policy issues involving government sponsored enterprises and other financial institutions. Prior to his ten-year tenure at the Treasury Department, he worked at the U.S. General Accounting Office for seven years. Mr. DeMarco received a Ph.D. in Economics from the University of Maryland and a B.A. in Economics from the University of Notre Dame.

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Acting Chief Operating Officer (COO) and Deputy Director for FHLBank Regulation
Stephen Cross
DeputyDirector-FHLBanks@FHFA.gov
202.408.2500

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Deputy Director for Enterprise Regulation
Chris Dickerson
DeputyDirector-Enterprises@FHFA.gov
202.414.6923

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Acting Deputy Director for Housing Mission and Goals
Wanda DeLeo
202.414.6923

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General Counsel
Alfred Pollard
GeneralCounsel@FHFA.gov
202.414.6924

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Site Map: http://www.fhfa.gov/Default.aspx?Page=2