Federal Housing Finance Agency

The law establishing the FHFA is the Federal Housing Finance Regulatory Reform Act of 2008, which is Division A of the larger Housing and Economic Recovery Act of 2008, Public Law 110-289, signed on July 30, 2008 by President George W. Bush. One year after the law was signed, the OFHEO and the FHFB went out of existence. All existing regulations, orders and decisions of OFHEO and the Finance Board remain in effect until modified or superseded. On the day of the law's signing, former Director James Lockhart stated: For more than two years as Director of OFHEO I have worked to help create FHFA so that this new GSE regulator has far greater authorities than its predecessors. As Director of FHFA, I commit that we will use these authorities to ensure that the housing GSEs provide stability and liquidity to the mortgage market, support affordable housing and operate safely and soundly. FHFA director Lockhart transmitted a "notice of establishment," for publication in the Federal Register on September 4, 2008. The notice formally announced the agency's existence and authority to act. Conservatorships On September 7, 2008, FHFA director Lockhart announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA. == FHFA settlements for fraudulent sales by PLS to Fannie Mae and Freddie Mac ==

The Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac. Below is a list of the cases, with amounts of any settlements reached in 2013 and 2014. Non-Litigation PLS Settlements Wells Fargo Bank, N.A. $335.23 million == Leadership ==

Upon Lockhart's departure, Edward DeMarco was appointed Acting Director of FHFA on August 25, 2009. On May 1, 2013, President Barack Obama nominated Mel Watt as the next FHFA head. After Democrats eliminated rules allowing filibusters on executive branch nominations, the U.S. Senate confirmed Watt on December 10, 2013. On December 21, 2018, President Donald Trump designated Comptroller of the currency Joseph Otting to be Acting Director of FHFA upon completion of Director Watt's term, effective January 7, 2019. In April 2019, Mark A. Calabria was confirmed to a five year term as director. At the time of his confirmation, the chair of the Senate Banking Committee said that Calabria had committed to working with the Senate toward ending the conservatorship over Fannie Mae and Freddie Mac. President Biden replaced Calabria with Sandra L. Thompson as Acting Director, who is expected to end Calabria's policy of phasing out the conservatorship. == Inspector General ==

Brian M. Tomney was nominated by President Joe Biden and confirmed by the U.S. Senate to serve as Inspector General for the Federal Housing Finance Agency. Sworn into office on March 14, 2022, Tomney is the third Senate confirmed Inspector General for FHFA. Laura S. Wertheimer was nominated as Inspector General of the Federal Housing Finance Agency by President Barack Obama and confirmed by the U.S. Senate on September 17, 2015. On June 29, 2021, Wertheimer announced she would be leaving the position on July 30, 2021. This followed calls from Republican Senators Chuck Grassley and Ron Johnson for her removal in the preceding weeks, and a critical CIGIE report released on April 29, 2021. == See also ==