Federal Housing Finance Agency Established

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9 September 2008

[Federal Register: September 9, 2008 (Volume 73, Number 175)]
[Notices]               
[Page 52356]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09se08-85]                         

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FEDERAL HOUSING FINANCE AGENCY

 
Establishment of a New Independent Agency

AGENCY: Federal Housing Finance Agency.

ACTION: Notice of establishment.

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SUMMARY: This Notice is to announce the establishment of a new 
independent agency. Division A of the Housing and Economic Recovery Act 
of 2008, Public Law 110-289, 122 Stat. 2654 (2008), titled the Federal 
Housing Finance Regulatory Reform Act of 2008 (Act), created the 
Federal Housing Finance Agency (FHFA) as an independent agency of the 
Federal Government. FHFA was established on the date of enactment, July 
30, 2008, and the Act provides for the abolishment of the Office of 
Federal Housing Enterprise Oversight (OFHEO) and the Federal Housing 
Finance Board (FHFB) one year after the date of enactment. These 
agencies, together with the Housing and Urban Development Government-
Sponsored Enterprise Mission Teams, are combined to establish FHFA. 
Regulations of FHFA will be found in 12 CFR chapter XII, parts 1200-
1299.

FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel 
(OFHEO), telephone (202) 414-3788 or Christopher Curtis, General 
Counsel (FHFB), telephone (202) 408-2802 (not toll free numbers), 
Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., 
Washington, DC 20552. The telephone number for the Telecommunications 
Device for the Deaf is (800) 877-8339.

SUPPLEMENTARY INFORMATION: FHFA has regulatory authority over the 
Federal National Mortgage Association (Fannie Mae), the Federal Home 
Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks 
(collectively, the ``regulated entities'') and the Bank System's Office 
of Finance. The establishment of FHFA strengthens the nation's housing 
finance system. This new regulator has the authorities necessary to 
enhance oversight of Fannie Mae, Freddie Mac and the Federal Home Loan 
Banks--vital components of the nation's secondary mortgage markets.
    FHFA was established to oversee the prudential operations of each 
regulated entity and to ensure:
     That each regulated entity operates in a safe and sound 
manner, including maintenance of adequate capital and internal 
controls;
     That the operations and activities of each regulated 
entity foster liquid, efficient, competitive, and resilient national 
housing finance markets (including activities relating to mortgages on 
housing for low- and moderate-income families involving a reasonable 
economic return that may be less than the return earned on other 
activities);
     That each regulated entity complies with this title and 
the rules, regulations, guidelines, and orders issued under this title 
and the authorizing statutes;
     That each regulated entity carries out its statutory 
mission only through activities that are authorized under and 
consistent with this title and the authorizing statutes; and
     That the activities of each regulated entity and the 
manner in which such regulated entity is operated are consistent with 
the public interest.
    The authorities, powers and responsibilities of FHFA are contained 
in Titles 12 U.S.C. 1421 et seq. and 4501 et seq., as amended by 
Division A of Public Law 110-289, 122 Stat. 2654 (2008).

    Dated: August 30, 2008.
James B. Lockhart III,
Director, Federal Housing Finance Agency.
[FR Doc. E8-20839 Filed 9-8-08; 8:45 am]

BILLING CODE 4220-01-P