The Federal Housing Finance Agency (FHFA) just announced a realignment in their agency structure intended to help them to continue delivering as a regulator of the Enterprises, Fannie Mae and Freddie Mac, and the Federal Home Loan Banks, and to ensure that the Enterprises can responsibly exit conservatorship.
The FHFA regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises (GSE’s) provide over $6.3 trillion in funding for the U.S. mortgage markets and financial institutions. In 2008, the federal government took control of the Enterprises to prevent them from failing during the credit crisis, which would have affected accessibility to home loans and possibly caused further collapse of the housing industry.
The changes we are implementing today will solidify FHFA as a world-class regulator,” said FHFA Director Mark Calabria in the FHFA’s official press release. “The revised structure and appointments of highly qualified senior leaders will ensure that FHFA continues to protect taxpayers from future bailouts and deliver on our obligation to create a competitive, liquid, efficient and resilient housing finance market.”
Some of the realignment actions the FHFA will take include:
- Establishing three new unites that will report directly to the Director, including: The Division of Research and Statistics (DRS), headed by Deputy Director Lynn Fisher; the Division of Accounting and Financial Standards (DAFS), led by Deputy Director Nina Nichols; and the Office of Equal Opportunity and Fairness (OEOF);
- New hires, including Paul Miller as Deputy Director and Scott Valentin as Associate Director for the Division of Enterprise Regulation (DER);
- Elevating four key positions in the following divisions
- Office of General Counsel: Christopher Curtis as Principal Deputy General Counsel and Sean Dent as Senior Deputy General Counsel;
- DRS: Anju Vajja as Senior Associate Director for Policy Research;
- Office of Minority and Women Inclusion: Paul Priest as Associate Director for Diversity and Inclusion and Administration;
- Renaming the Division of Conservatorship (DOC) to the Division of Resolutions (DOR); and
- Recruiting an OEOF Director, Chief Economist, Senior Associate Director for Data, and Chief Operating Officer.
Read the full press release here.