View source for Federal Housing Finance Agency

{{Organization
|OrganizationName=Federal Housing Finance Agency
|OrganizationType=Independent Agencies
|Mission=To ensure safe and sound operations of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, promoting a stable and liquid housing finance market to support homeownership and affordable housing in the U.S.
|CreationLegislation=Housing and Economic Recovery Act of 2008
|Employees=800
|Budget=Approximately $313 million (fiscal year 2023)
|OrganizationExecutive=Director
|Services=Regulation and supervision of GSEs; conservatorship of Fannie Mae and Freddie Mac; housing finance research
|Regulations=Federal Housing Enterprises Financial Safety and Soundness Act; Housing and Economic Recovery Act
|HeadquartersLocation=38.88421, -77.02151
|HeadquartersAddress=400 7th Street SW, Washington, DC 20024
|Website=https://www.fhfa.gov
}}
{{Short description|U.S. federal agency}}

{{Infobox government agency
| agency_name = Federal Housing Finance Agency
| type = agency
| nativename = 
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| seal = Seal of the United States Federal Housing Finance Agency.svg
| seal_width = 150px
| seal_caption = Seal
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| formed = {{Start date|2008|07|30}}<ref>[http://www.gpo.gov/fdsys/pkg/PLAW-110publ289/pdf/PLAW-110publ289.pdf Housing and Economic Recovery Act of 2008] {{Webarchive|url=https://web.archive.org/web/20131019113737/http://www.gpo.gov/fdsys/pkg/PLAW-110publ289/pdf/PLAW-110publ289.pdf |date=2013-10-19 }} (PDF)</ref>
| preceding1 = [[Federal Housing Finance Board]]
| preceding2 = [[Office of Federal Housing Enterprise Oversight]]
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| employees = ~731 (2019)
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| chief1_name = [[Sandra L. Thompson| Sandra Thompson]]<ref>{{cite web|url=https://www.fhfa.gov/AboutUs/Pages/Leadership-Organization.aspx|title=Leadership and Organization|website=Federal Housing Finance Agency|date=June 21, 2022|access-date=June 30, 2022|archive-date=August 31, 2022|archive-url=https://web.archive.org/web/20220831002102/https://www.fhfa.gov/AboutUs/Pages/Leadership-Organization.aspx|url-status=live}}</ref>
| chief1_position = Director
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| website = {{URL|https://www.fhfa.gov/|fhfa.gov}}
| footnotes = 
}}

The '''Federal Housing Finance Agency''' ('''FHFA''') is an [[independent agencies of the United States government|independent federal agency in the United States]] created as the successor [[regulatory agency]] of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. [[Department of Housing and Urban Development]] government-sponsored enterprise mission team,<ref>FHFA. [http://www.fhfa.gov/Default.aspx?Page=4 About FHFA] {{Webarchive|url=https://web.archive.org/web/20100611195553/http://www.fhfa.gov/Default.aspx?Page=4 |date=2010-06-11 }}.</ref> absorbing the powers and regulatory authority of both entities, with expanded legal and regulatory authority, including the ability to place [[government-sponsored enterprise]]s (GSEs) into [[receivership]] or [[conservatorship]].<ref>
{{USBill|110|HR|3221|pipe=Housing and Economic Recovery Act of 2008}}
</ref><ref>{{cite web |title=10-Q, August 6, 2008 |url=http://ir.10kwizard.com/files.php?source=1372&welc_next=1&XCOMP=0&fg=23 |publisher=Freddie Mac |date=2008-08-06 |quote=The Regulatory Reform Act replaces the conservatorship provisions previously applicable to the enterprise with conservatorship and receivership provisions based generally on federal banking law. The Regulatory Reform Act expands the grounds for which an enterprise may be placed into conservatorship, establishes the grounds for which an enterprise may be placed into receivership, and provides for appointment of FHFA as conservator or receiver. |access-date=September 7, 2008 |archive-url=https://archive.today/20130116004851/http://ir.10kwizard.com/files.php?source=1372&welc_next=1&XCOMP=0&fg=23 |archive-date=January 16, 2013 |url-status=dead }}</ref><ref name='FHFA-Conservatorship-2008-09-07'>{{cite news|title=Fact Sheet: Questions and Answers on Conservatorship |date=2008-09-07 |publisher=Federal Housing Finance Agency |url=http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |access-date=2008-09-07 |url-status=dead |archive-url=https://web.archive.org/web/20080909183946/http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |archive-date=September 9, 2008 }}
</ref>

In its role as regulator, it regulates [[Fannie Mae]], [[Freddie Mac]], and the 11 [[Federal Home Loan Banks]] (FHLBanks, or FHLBank System). It is wholly separate from the [[Federal Housing Administration]], which largely provides [[mortgage insurance]].

In September 2019, the [[United States Court of Appeals for the Fifth Circuit|Fifth Circuit Court of Appeals]], in an ''[[en banc]]'' opinion, ruled that the structure of the FHFA violated constitutional separation of powers because its director could not be removed by the president.<ref>{{Cite web|url=http://www.ca5.uscourts.gov/opinions/pub/17/17-20364-CV2.pdf|title=No. 17-20364|access-date=2020-04-20|archive-date=2020-07-19|archive-url=https://web.archive.org/web/20200719133042/http://www.ca5.uscourts.gov/opinions/pub/17/17-20364-CV2.pdf|url-status=live}}</ref> The U.S. Supreme Court [[Collins v. Yellen|affirmed]] that part of the holding.<ref>{{cite web |title=Supreme Court finds FHFA structure unconstitutional |url=https://www.housingwire.com/articles/supreme-court-finds-fhfa-structure-unconstitutional/ |website=Housing Wire |date=23 June 2021 |publisher=HW Media, LLC |access-date=June 23, 2021 |archive-date=23 June 2021 |archive-url=https://web.archive.org/web/20210623152507/https://www.housingwire.com/articles/supreme-court-finds-fhfa-structure-unconstitutional/ |url-status=live }}</ref>

==History==
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.<ref>HR 3221, signed into law as Public Law 110-289: ''A bill to provide needed housing reform and for other purposes.''<br/>Access to Legislative History: Library of Congress: [http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.03221: A bill to provide needed housing reform and for other purposes.] {{Webarchive|url=https://web.archive.org/web/20080918041801/http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.03221: |date=2008-09-18 }}<br/>White House pre-signing statement: [https://georgewbush-whitehouse.archives.gov/omb/legislative/sap/110-2/saphr3221-h.pdf Statement of Administration Policy: H.R. 3221 – Housing and Economic Recovery Act of 2008] {{webarchive|url=https://web.archive.org/web/20201130114333/https://georgewbush-whitehouse.archives.gov/omb/legislative/sap/110-2/saphr3221-h.pdf |date=2020-11-30 }} (July 23, 2008). Executive office of the President, Office of Management and Budget, Washington DC.</ref>

On the day of the law's signing, former Director [[James B. Lockhart III|James Lockhart]] stated:<ref name='FHFA-Lockhart-2008-07-30'>{{cite news|first=James B. |last=Lockhart |title=Statement of Director James B. Lockhart on the Creation of FHFA |date=2008-07-30 |url=http://www.ofheo.gov/media/gsesign.pdf |work=(Press Release) |publisher=Federal Housing Finance Agency |access-date=2008-09-12 |url-status=dead |archive-url=https://web.archive.org/web/20080916075021/http://www.ofheo.gov/media/gsesign.pdf |archive-date=September 16, 2008 }} 
</ref>

<blockquote>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.</blockquote>

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.<ref>[http://www.ofheo.gov/media/news%20releases/FHFARegisterNotice9408.pdf FHFA "Notice of establishment sent to the Fdderal Register] {{Webarchive|url=https://web.archive.org/web/20080909184025/http://www.ofheo.gov/media/news%20releases/FHFARegisterNotice9408.pdf |date=2008-09-09 }}. (Press Release) (September 4. 2008) Federal Housing Finance Agency. (Summarizing the Federal Register transmittal.)</ref><ref>[http://www.ofheo.gov/media/news%20releases/FHFARegisterNotice9408.pdf Establishment of a new independent agency] {{Webarchive|url=https://web.archive.org/web/20080909184025/http://www.ofheo.gov/media/news%20releases/FHFARegisterNotice9408.pdf |date=2008-09-09 }} Federal Housing Finance Agency. (August 30, 2008). (Signed by James B. Lockhart III, Director, FHFA) -- The notice as transmitted to the Federal Register.</ref>

=== Conservatorships ===
{{main|Federal takeover of Fannie Mae and Freddie Mac}}
On September 7, 2008, FHFA director Lockhart announced he had put [[Fannie Mae]] and [[Freddie Mac]] under the conservatorship of the FHFA.<ref name="USTreasury2008-09-07"/> The action was "one of the most sweeping government interventions in private financial markets in decades".<ref name = 'Washington Post-Goldfarb, Cho & Appelbaum-2008-09-07'/>
U.S. Treasury Secretary [[Henry M. Paulson]], appearing at the same press conference, stated that placing the two GSEs into conservatorship was a decision he fully supported, and said that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."<ref name='USTreasury-Paulson-2008-09-07'/>

In the announcement, Lockhart indicated the following items in the plan of action for the conservatorship:
{{div col}}
# On September 8, 2008, the first day of the conservatorship, business will be conducted normally, with stronger backing for the holders of Mortgage Backed Securities (MBS), senior debt and subordinated debt.
# The Enterprises will be allowed to grow their guarantee MBS books without limits and continue to purchase replacement securities for their portfolios, about $20 billion per month, without capital constraints.
# As the conservator, the FHFA will assume the power of the Board and  management.
# The present CEOs have been dismissed, but will stay on to help with the transition.
# Appointed as CEOs are [[Herb Allison]], for Fannie Mae and [[David M. Moffett]] for Freddie Mac. Allison is former Vice Chairman of [[Merrill Lynch]] and for the last eight years chairman of [[TIAA-CREF]]. Moffett is the former Vice Chairman and CFO of [[US Bancorp]]. Their compensation will be significantly lower than the outgoing CEOs. They will be joined by equally strong non-executive chairmen.
# Other management action will be very limited. The new CEOs agreed it is important to work with the current management teams and employees to encourage them to stay and to continue to  make important improvements to the Enterprises.
# To conserve over $2 billion annually in capital the common  stock and preferred stock dividends will be eliminated, but the common and all preferred stocks will continue to remain outstanding. Subordinated debt interest and principal payments will continue to be made.
# All political activities, including all lobbying, will be halted immediately. Charitable activities will be reviewed.
# There will be financing and investing relationship with the U.S. Treasury via three different financing facilities, to provide critically needed support to Freddie Mac and Fannie Mae and the liquidity of the mortgage market. One of the three facilities is a secured liquidity facility which will be not only for Fannie Mae and Freddie Mac, and also for the 12 Federal Home Loan Banks that FHFA also regulates.
{{div col end}}

=== Suits against financial institutions ===
The FHFA in 2011 filed suit first against [[UBS]]<ref name="fhfaubs"/> then against 17 other financial institutions<ref name="fhfa17suits"/><ref name="nyt17suits"/> accusing them of misrepresenting about $200 billion in mortgage-backed securities sold to Fannie Mae and Freddie Mac. The suits, some of which name individual defendants,<ref name="salmontable"/> allege a variety of violations of federal securities law and common law<ref name="nyt17suits"/><ref name="salon17suits"/> and paint "a damning portrait of the excesses of the housing bubble."<ref name="nyt17suits"/> The suits seek a variety of damages and civil penalties. UBS Agrees to Pay $1.435 Billion to Resolve Claims That It Made Misrepresentations in the Sale of Residential Mortgage-Backed Securities<ref>{{Cite web |date=2023-08-14 |title=Eastern District of New York {{!}} UBS Agrees to Pay $1.435 Billion to Resolve Claims That It Made Misrepresentations in the Sale of Residential Mortgage-Backed Securities {{!}} United States Department of Justice |url=https://www.justice.gov/usao-edny/pr/ubs-agrees-pay-1435-billion-resolve-claims-it-made-misrepresentations-sale-residential |access-date=2024-09-21 |website=www.justice.gov |language=en}}</ref>

== 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.<ref>FHFA [http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFAs-Update-on-Private-Label-Securities-Actions.aspx] {{Webarchive|url=https://web.archive.org/web/20150322234405/http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFAs-Update-on-Private-Label-Securities-Actions.aspx|date=2015-03-22}} Press release</ref><ref>{{Cite news |url=https://www.reuters.com/article/fhfa-lawsuits-sampling-idUSL1E8N408C20121204 |title=FHFA lawsuits |newspaper=[[Reuters]]|date=4 December 2012 |access-date=2021-07-05 |archive-date=2022-04-08 |archive-url=https://web.archive.org/web/20220408144424/https://www.reuters.com/article/fhfa-lawsuits-sampling-idUSL1E8N408C20121204 |url-status=live }}</ref>
<ref>Justice department [https://www.justice.gov/iso/opa/resources/61620131119191331856335.pdf] {{Webarchive|url=https://web.archive.org/web/20201028112133/https://www.justice.gov/iso/opa/resources/61620131119191331856335.pdf|date=2020-10-28}} settlement agreement</ref>
{|
|-
| General Electric Company||$6.25 million<ref>{{Cite web |url=http://www.americanbanker.com/issues/178_16/general-electric-settles-mortgage-lawsuit-with-fhfa-1056102-1.html |title=GE settles |date=23 January 2013 |access-date=2015-06-15 |archive-date=2016-01-24 |archive-url=https://web.archive.org/web/20160124170228/http://www.americanbanker.com/issues/178_16/general-electric-settles-mortgage-lawsuit-with-fhfa-1056102-1.html |url-status=live }}</ref>
|-
| CitiGroup Inc.||$250 million
|-
| UBS Americas, Inc. (Union Bank of Switzerland)||$885 million
|-
| J.P. Morgan Chase & Co.||$4 billion<ref>JP Morgan Chase settles [https://www.cnbc.com/2013/10/25/4-bln-jpmorganfhfa-deal-expected-as-soon-as-friday-justice-dept-deal-next-week-dow-jones.html]  CNBC</ref>
|-
| Deutsche Bank AG||$1.925 billion
|-
| Ally Financial, Inc.||$475 million
|-
| Morgan Stanley||$1.25 billion
|-
| SG Americas (Societe Generale)||$122 million
|-
| Credit Suisse Holdings (USA) Inc.||$885 million
|-
| Bank of America Corp.<ref name=boa>{{Cite web |url=http://newsroom.bankofamerica.com/press-releases/corporate-and-financial-news/bank-america-announces-settlements-federal-housing-finan |title=Countrywide settles |access-date=2015-06-15 |archive-date=2015-06-10 |archive-url=https://web.archive.org/web/20150610040409/http://newsroom.bankofamerica.com/press-releases/corporate-and-financial-news/bank-america-announces-settlements-federal-housing-finan |url-status=live }}</ref> ||
|-
| Merrill Lynch & Co.<ref name=boa/>||
|-
| Countrywide Financial Corporation||$5.83 billion<ref name=boa/>
|-
| Barclays Bank PLC||$280 million
|-
| First Horizon National Corp.||$110 million
|-
| RBS Securities, Inc. (in Ally action)||$99.5 million<ref>RBS nomura ruling [https://www.nytimes.com/2015/05/12/business/dealbook/nomura-found-liable-in-us-mortgage-suit-tied-to-financial-crisis.html?_r=0] {{Webarchive|url=https://web.archive.org/web/20181010123529/https://www.nytimes.com/2015/05/12/business/dealbook/nomura-found-liable-in-us-mortgage-suit-tied-to-financial-crisis.html?_r=0|date=2018-10-10}} NY times</ref>
|-
| Goldman Sachs & Co.||$1.2 billion<ref>{{Cite news |url=https://www.wsj.com/articles/goldman-sachs-close-to-settling-fhfa-lawsuit-for-more-than-1-billion-1408737438 |title=Goldman settles |newspaper=The Wall Street Journal |date=22 August 2014 |access-date=2017-03-07 |archive-date=2017-07-14 |archive-url=https://web.archive.org/web/20170714143537/https://www.wsj.com/articles/goldman-sachs-close-to-settling-fhfa-lawsuit-for-more-than-1-billion-1408737438 |url-status=live }}</ref>
|-
| HSBC North America Holdings, Inc. (Hong Kong Shanghai Banking Corp.)||$550 million
|}
'''Non-Litigation PLS Settlements'''
Wells Fargo Bank, N.A.	$335.23 million<ref>Wells Fargo settlement [https://www.wsj.com/articles/SB10001424052702304448204579181732009850594] {{Webarchive|url=https://web.archive.org/web/20160124170228/http://www.wsj.com/articles/SB10001424052702304448204579181732009850594|date=2016-01-24}} Wall street journal</ref>

== Leadership ==
Upon Lockhart's departure, [[Edward DeMarco]] was appointed Acting Director of FHFA on August 25, 2009.<ref>{{cite web| title= FHFA's DeMarco to be Replaced Early Next Year: WSJ| url= http://www.mortgagenewsdaily.com/12102012_gse_conservatorship.asp| publisher= Mortgage Mews Daily| date= December 10, 2012| access-date= December 18, 2013| archive-date= December 19, 2013| archive-url= https://web.archive.org/web/20131219011258/http://www.mortgagenewsdaily.com/12102012_gse_conservatorship.asp| url-status= live}}</ref>

On May 1, 2013, President [[Barack Obama]] nominated [[Mel Watt]] as the next FHFA head.<ref>{{cite web | url =https://www.bloomberg.com/news/2013-05-01/obama-said-to-choose-watt-to-lead-fannie-mae-regulator.html | title =Obama Said to Choose Watt to Lead Fannie Mae Regulator | author =Hopkins, Cheyenne | author2 =Benson, Clea | publisher =Bloomberg | date =May 1, 2013 | access-date =2017-03-07 | archive-date =2017-03-12 | archive-url =https://web.archive.org/web/20170312033913/https://www.bloomberg.com/news/2013-05-01/obama-said-to-choose-watt-to-lead-fannie-mae-regulator.html/ | url-status =live }}</ref><ref>{{cite web | url =http://www.latimes.com/business/money/la-fi-mo-fhfa-mel-watt-demarco-fannie-freddie-20130501,0,7434016.story | title =Obama to nominate Democratic Rep. Mel Watt to head housing agency | author =Puzzanghera, Jim | work =Los Angeles Times | date =May 1, 2013 | access-date =December 18, 2013 | archive-date =November 6, 2013 | archive-url =https://web.archive.org/web/20131106051356/http://www.latimes.com/business/money/la-fi-mo-fhfa-mel-watt-demarco-fannie-freddie-20130501,0,7434016.story | url-status =live }}</ref>  After Democrats [[nuclear option|eliminated rules allowing filibusters on executive branch nominations]], the U.S. Senate confirmed Watt on December 10, 2013.<ref>{{cite web| url= http://www.latimes.com/business/money/la-fi-mo-mel-watt-fhfa-fannie-mae-freddie-mac-20131210,0,1179292.story| title= Senate confirms Rep. Mel Watt as Fannie Mae, Freddie Mac regulator| date= December 10, 2013| work=[[Los Angeles Times]]| access-date= December 18, 2013| archive-date= December 18, 2013| archive-url= https://web.archive.org/web/20131218064623/http://www.latimes.com/business/money/la-fi-mo-mel-watt-fhfa-fannie-mae-freddie-mac-20131210,0,1179292.story| url-status= live}}</ref>

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.<ref>[https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-140.html President Trump Names Joseph M. Otting Acting Director of the Federal Housing Finance Agency] {{Webarchive|url=https://web.archive.org/web/20181228223306/https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-140.html |date=2018-12-28 }}. NR 2017-140. December 21, 2018</ref>

In April 2019, [[Mark A. Calabria]] was confirmed to a five year term as director.<ref name="politcoCalabriaConfirmed">{{Cite news |last=O'Donnell |first=Katy |date=April 4, 2019 |url=https://politi.co/2uMdqW9 |title=Senate confirms Calabria to lead housing finance overhaul |publisher=[[Politico]]|access-date=2019-04-05 |archive-date=2022-08-31 |archive-url=https://web.archive.org/web/20220831002109/https://www.politico.com/story/2019/04/04/senate-confirms-calabria-starting-clock-on-housing-finance-overhaul-1322955 |url-status=live }}</ref> 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.<ref name="politcoCalabriaConfirmed"/>

In the Supreme Court case ''[[Collins v. Yellen]]'', the Supreme Court ruled that, as they had in ''[[Seila Law LLC v. Consumer Financial Protection Bureau]]'' for the [[Consumer Financial Protection Bureau]], that the inability for the President to terminate the FHFA director beyond "for cause" was unconstitutional, but otherwise left the agency's power as is.<ref>{{cite web | url = https://www.cnbc.com/2021/06/23/us-supreme-court-bolsters-presidential-power-over-housing-finance-agency.html | title = U.S. Supreme Court bolsters presidential power over housing finance agency | date = June 23, 2021 | accessdate = June 23, 2021 | work = [[CNBC]] | archive-date = June 23, 2021 | archive-url = https://web.archive.org/web/20210623200951/https://www.cnbc.com/2021/06/23/us-supreme-court-bolsters-presidential-power-over-housing-finance-agency.html | url-status = live }}</ref> President Biden replaced Calabria with Sandra L. Thompson as Acting Director, who is expected to end Calabria's policy of phasing out the conservatorship.<ref name="Slate2021-06-24"/><ref name="WaPo2021-06-23"/>

== 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 [[Office of Inspector General (United States)|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.<ref>{{cite web |title=Embattled Housing Finance Agency IG Steps Down |url=https://www.govexec.com/oversight/2021/06/embattled-housing-finance-agency-ig-steps-down/176819/ |website=Government Executive |access-date=3 July 2021 |language=en |archive-date=1 July 2021 |archive-url=https://web.archive.org/web/20210701000919/https://www.govexec.com/oversight/2021/06/embattled-housing-finance-agency-ig-steps-down/176819/ |url-status=live }}</ref> This followed calls from [[Republican Party (United States)|Republican]] Senators [[Chuck Grassley]] and [[Ron Johnson]] for her removal in the preceding weeks,<ref>{{cite web |title=Senators Call for Removal of FHFA Inspector General |url=https://whistleblowersblog.org/2021/05/articles/government-whistleblowers/senators-call-for-removal-of-fhfa-inspector-general/ |website=Whistleblower Network News |access-date=3 July 2021 |date=6 May 2021 |archive-date=25 June 2021 |archive-url=https://web.archive.org/web/20210625101540/https://whistleblowersblog.org/2021/05/articles/government-whistleblowers/senators-call-for-removal-of-fhfa-inspector-general/ |url-status=live }}</ref> and a critical [[Council of the Inspectors General on Integrity and Efficiency|CIGIE]] report released on April 29, 2021.<ref>{{cite news |last1=Swanson |first1=Ian |title=Report finds federal housing agency official 'abused her authority' |url=https://thehill.com/homenews/senate/550777-report-finds-federal-housing-agency-official-abused-her-authority |access-date=3 July 2021 |work=[[The Hill (newspaper)|The Hill]] |date=28 April 2021 |language=en |archive-date=29 June 2021 |archive-url=https://web.archive.org/web/20210629204959/https://thehill.com/homenews/senate/550777-report-finds-federal-housing-agency-official-abused-her-authority |url-status=live }}</ref>

== See also ==
* [[Title 12 of the Code of Federal Regulations]]
* ''[[California v. Federal Housing Finance Agency]]''
* [[List of financial regulatory authorities by jurisdiction]]

== References ==
{{Reflist|2|refs=
<ref name="fhfaubs">{{cite press release | url=http://www.fhfa.gov/webfiles/21842/UBS072711FINAL.pdf | title=FHFA Sues UBS to Recover Losses to Fannie Mae and Freddie Mac | publisher=FHFA | date=Jul 27, 2011 | access-date=Sep 6, 2011 | archive-url=https://web.archive.org/web/20110929073936/http://www.fhfa.gov/webfiles/21842/UBS072711FINAL.pdf | archive-date=September 29, 2011 | url-status=dead }}</ref>
<ref name="fhfa17suits">{{cite press release | url=http://www.fhfa.gov/webfiles/22599/PLSLitigation_final_090211.pdf | title=FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac | publisher=FHFA | date=Sep 2, 2011 | access-date=Sep 6, 2011 | archive-url=https://web.archive.org/web/20110929034845/http://www.fhfa.gov/webfiles/22599/PLSLitigation_final_090211.pdf | archive-date=September 29, 2011 | url-status=dead }}</ref>
<ref name="nyt17suits">{{cite news | url=https://www.nytimes.com/2011/09/03/business/bank-suits-over-mortgages-are-filed.html | title=Federal Regulators Sue Big Banks Over Mortgages | work=The New York Times | date=Sep 3, 2011 | access-date=Sep 6, 2011 | last1=Schwartz | first1=Nelson D. | last2=Roose | first2=Kevin | archive-date=December 20, 2011 | archive-url=https://web.archive.org/web/20111220041312/http://www.nytimes.com/2011/09/03/business/bank-suits-over-mortgages-are-filed.html | url-status=live }}</ref>
<ref name="salon17suits">{{cite news | url=http://www.salon.com/news/mortgage_crisis/index.html?story=%2Ftech%2Fhtww%2F2011%2F09%2F06%2Ffhfa_lawsuit_against_banks | title=The bungled politics of bank bashing | work=[[Salon.com|Salon]] | date=Sep 6, 2011 | access-date=Sep 6, 2011 | last=Leonard | first=Andrew | archive-date=September 7, 2011 | archive-url=https://web.archive.org/web/20110907115505/http://www.salon.com/news/mortgage_crisis/index.html?story=%2Ftech%2Fhtww%2F2011%2F09%2F06%2Ffhfa_lawsuit_against_banks | url-status=live }}</ref>
<ref name="salmontable">{{cite web | url=http://blogs.reuters.com/felix-salmon/2011/09/03/the-fhfa-lawsuit-league-table/ | archive-url=https://web.archive.org/web/20111017175716/http://blogs.reuters.com/felix-salmon/2011/09/03/the-fhfa-lawsuit-league-table/ | url-status=dead | archive-date=October 17, 2011 | title=The FHFA lawsuit league table | publisher=[[Reuters]] | work=Felix Salmon Blog | date=Sep 2, 2011 | access-date=Sep 6, 2011 | last=Salmon |first=Felix}}</ref>
<ref name="Slate2021-06-24">{{Cite web |last=Stern |first=Mark Joseph |date=2021-06-24 |title=A Scheme to Blow Up the Housing Market Backfired Spectacularly at the Supreme Court |url=https://slate.com/news-and-politics/2021/06/collins-yellen-supreme-court-fhfa-backfire.html |access-date=2021-06-25 |website=[[Slate (magazine)|Slate]] |language=en |archive-date=2021-06-25 |archive-url=https://web.archive.org/web/20210625000141/https://slate.com/news-and-politics/2021/06/collins-yellen-supreme-court-fhfa-backfire.html |url-status=live }}</ref>
<ref name="USTreasury2008-09-07">{{cite press release |url=https://www.treasury.gov/press-center/press-releases/Pages/20089711172217483.aspx |title=Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers |date=September 7, 2008 |publisher=U.S. Dept of Treasury |access-date=2021-06-25 |archive-date=2021-06-25 |archive-url=https://web.archive.org/web/20210625185926/https://www.treasury.gov/press-center/press-releases/Pages/20089711172217483.aspx |url-status=live }}</ref> 
<ref name='USTreasury-Paulson-2008-09-07'>
 {{cite press release
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 |date=2008-09-07 
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}} 
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<ref name="WaPo2021-06-23">{{cite news |date=June 23, 2021 |first1=Rachel |last1=Siegel |first2=Tyler |last2=Pager |first3=Robert |last3=Barnes |title=White House replaces regulator overseeing U.S. mortgage giants following Supreme Court ruling |url=https://www.washingtonpost.com/us-policy/2021/06/23/biden-fannie-freddie-fhfa-supreme-court/ |newspaper=[[The Washington Post]] |accessdate=2021-06-25 |archive-date=2021-06-23 |archive-url=https://web.archive.org/web/20210623181832/https://www.washingtonpost.com/us-policy/2021/06/23/biden-fannie-freddie-fhfa-supreme-court/ |url-status=live }}</ref>
<ref name = 'Washington Post-Goldfarb, Cho & Appelbaum-2008-09-07'>{{cite news |first=Zachary A. |last=Goldfarb |author2=David Cho |author3=Binyamin Appelbaum |title=Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures |date=2008-09-07 |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090602540.html?hpid=topnews |newspaper=[[The Washington Post]] |pages=A01 |access-date=2008-09-07 |archive-date=2008-09-23 |archive-url=https://web.archive.org/web/20080923192949/http://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090602540.html?hpid=topnews |url-status=live }}</ref> 
}}

== Further reading ==
* [https://purl.fdlp.gov/GPO/gpo33880 Oversight of the Federal Housing Finance Agency: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, First Session, November 15 and December 13, 2011]
* [https://purl.fdlp.gov/GPO/gpo24053 Oversight of the Federal Housing Finance Agency: Hearing before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, First Session, December 1, 2011]

== External links ==
* {{Official website|http://www.fhfa.gov/}}
* Federal Housing Finance Agency - OIG ([[fhfaoig.gov]])
* [https://www.federalregister.gov/agencies/federal-housing-finance-agency Federal Housing Finance Agency] in the [[Federal Register]]
* [https://www.federalregister.gov/agencies/federal-housing-enterprise-oversight-office Office of Federal Housing Enterprise Oversight] in the Federal Register
* [https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA-2019-PAR.pdf 2019 Performance and Accountability report]

{{2008 economic crisis}}
{{Bank regulation in the United States}}
{{US housing by state}}
{{Authority control}}
[[Category:Federal Housing Finance Agency]]
[[Category:Government agencies established in 2008]]
[[Category:United States Department of Housing and Urban Development]]
[[Category:Mortgage industry of the United States]]
[[Category:Independent agencies of the United States government]]
[[Category:Subprime mortgage crisis]]
[[Category:Housing finance agencies of the United States]]
[[Category:Financial regulatory authorities of the United States]]
[[Category:2008 establishments in Washington, D.C.]]