FHFA Issues “Notice of Establishment”
Monday, September 08, 2008
The Federal Housing Finance Agency (FHFA) announced yesterday that it has filed an official notice of “Establishment of a New Independent Agency” with the Federal Register's office. FHFA said this record provides formal public notice of the existence of the agency, 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.
FHFA, established on July 30 under Division A of the Housing and Economic Recovery Act of 2008, is a new housing regulatory body, set up to be independent of the federal government. Under the Act, the Office of Federal Housing Enterprise Oversight (OFHEO) and the Federal Housing Finance Board (FHFB) will be abolished by August of next year. These two agencies, along with the Department of Housing and Urban Development's (HUD's) government-sponsored enterprise (GSE) mission teams, have been combined to create the FHFA.
“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. “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.”
According to the FHFA's press statement, the agency is making good progress in integrating OFHEO, FHFB, and HUD mission and affordable housing programs. FHFA advised that new regulations will be necessary to address routine “merger” matters, and to implement the 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All existing regulations, orders, and decisions of OFHEO and the Finance Board will remain in effect until modified or superseded by new issuance of FHFA.
To view the official Federal Register Notice, click here.
FHFA, established on July 30 under Division A of the Housing and Economic Recovery Act of 2008, is a new housing regulatory body, set up to be independent of the federal government. Under the Act, the Office of Federal Housing Enterprise Oversight (OFHEO) and the Federal Housing Finance Board (FHFB) will be abolished by August of next year. These two agencies, along with the Department of Housing and Urban Development's (HUD's) government-sponsored enterprise (GSE) mission teams, have been combined to create the FHFA.
“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. “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.”
According to the FHFA's press statement, the agency is making good progress in integrating OFHEO, FHFB, and HUD mission and affordable housing programs. FHFA advised that new regulations will be necessary to address routine “merger” matters, and to implement the 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 will remain in effect until modified or superseded by new issuance of FHFA.
To view the official Federal Register Notice, click here.
