Federal Housing Finance Agency

Last updated
Federal Housing Finance Agency
Seal of the United States Federal Housing Finance Agency.svg
Seal
Agency overview
FormedJuly 30, 2008 (2008-07-30) [1]
Preceding agencies
Employees~731 (2019)
Agency executive
Website www.fhfa.gov

The Federal Housing Finance Agency (FHFA) is an 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, [3] absorbing the powers and regulatory authority of both entities, with expanded legal and regulatory authority, including the ability to place government-sponsored enterprises (GSEs) into receivership or conservatorship. [4] [5] [6]

Contents

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 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. [7] The U.S. Supreme Court affirmed that part of the holding. [8]

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 All existing regulations, orders and decisions of OFHEO and the Finance Board remain in effect until modified or superseded. [9]

On the day of the law's signing, former Director James Lockhart stated: [10]

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. [11] [12]

Conservatorships

On September 7, 2008, FHFA director Lockhart announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA. [13] The action was "one of the most sweeping government interventions in private financial markets in decades". [14] 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." [15]

In the announcement, Lockhart indicated the following items in the plan of action for the conservatorship:

  1. 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.
  2. 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.
  3. As the conservator, the FHFA will assume the power of the Board and management.
  4. The present CEOs have been dismissed, but will stay on to help with the transition.
  5. 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.
  6. 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.
  7. 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.
  8. All political activities, including all lobbying, will be halted immediately. Charitable activities will be reviewed.
  9. 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.

Suits against financial institutions

The FHFA in 2011 filed suit first against UBS [16] then against 17 other financial institutions [17] [18] 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, [19] allege a variety of violations of federal securities law and common law [18] [20] and paint "a damning portrait of the excesses of the housing bubble." [18] The suits seek a variety of damages and civil penalties.

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. [21] [22] [23]

General Electric Company$6.25 million [24]
CitiGroup Inc.$250 million
UBS Americas, Inc. (Union Bank of Switzerland)$885 million
J.P. Morgan Chase & Co.$4 billion [25]
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. [26]
Merrill Lynch & Co. [26]
Countrywide Financial Corporation$5.83 billion [26]
Barclays Bank PLC$280 million
First Horizon National Corp.$110 million
RBS Securities, Inc. (in Ally action)$99.5 million [27]
Goldman Sachs & Co.$1.2 billion [28]
HSBC North America Holdings, Inc. (Hong Kong Shanghai Banking Corp.)$550 million

Non-Litigation PLS Settlements Wells Fargo Bank, N.A. $335.23 million [29]

Leadership

Upon Lockhart's departure, Edward DeMarco was appointed Acting Director of FHFA on August 25, 2009. [30]

On May 1, 2013, President Barack Obama nominated Mel Watt as the next FHFA head. [31] [32] After Democrats eliminated rules allowing filibusters on executive branch nominations, the U.S. Senate confirmed Watt on December 10, 2013. [33]

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. [34]

In April 2019, Mark A. Calabria was confirmed to a five year term as director. [35] 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. [35]

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. [36] President Biden replaced Calabria with Sandra L. Thompson as Acting Director, who is expected to end Calabria's policy of phasing out the conservatorship. [37] [38]

Inspector General

Laura S. Wertheimer was nominated as Inspector General of the Federal Housing Finance Agency (FHFA) 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. [39] This followed calls from Republican Senators Chuck Grassley and Ron Johnson for her removal in the preceding weeks, [40] and a critical CIGIE report released on April 29, 2021. [41]

See also

Related Research Articles

Under U.S. law, a conservatorship results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations.

<span class="mw-page-title-main">Government National Mortgage Association</span> Government-owned financial services corporation aimed at low-income housing in the US

The Government National Mortgage Association (GNMA), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). It was founded in 1968 and works to expand affordable housing by guaranteeing housing loans (mortgages) thereby lowering financing costs such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of mortgage-backed securities (MBS) even if homeowners default on the underlying mortgages and the homes are foreclosed upon.

<span class="mw-page-title-main">Fannie Mae</span> Government-backed financial services company

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac.

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<span class="mw-page-title-main">Freddie Mac</span> American government-sponsored enterprise

The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia. The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with its sister organization, the Federal National Mortgage Association, Freddie Mac buys mortgages, pools them, and sells them as a mortgage-backed security (MBS) to private investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name "Freddie Mac" is a variant of the FHLMC initialism of the company's full name that was adopted officially for ease of identification.

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The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment.

A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, home finance and education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac.

<span class="mw-page-title-main">Office of Federal Housing Enterprise Oversight</span>

The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

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In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages, however with GSE fees increasing, Jumbo loans have recently seen lower interest rates than conforming loans.

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<span class="mw-page-title-main">Housing and Economic Recovery Act of 2008</span> US act of congress to address the subprime mortgage crisis

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<span class="mw-page-title-main">Federal takeover of Fannie Mae and Freddie Mac</span> Action by the U.S. Treasury to lessen the subprime mortgage crisis

In September 2008 the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis. The FHFA established conservatorships in which each enterprise's management works under the FHFA's direction to reduce losses and to develop a new operating structure that will allow a return to self-management.

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Edward Joseph DeMarco is an American government official who served as the acting director of the Federal Housing Finance Agency (FHFA), the conservator for Fannie Mae and Freddie Mac, from 2009 through 2014. According to DeMarco, FHFA's mandate from Congress is to preserve and conserve the assets of Fannie Mae and Freddie Mac. "[I]n their current state that translates directly into minimizing taxpayer losses. We are also charged with ensuring stability and liquidity in housing financing and maximizing assistance to homeowners."

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Collins v. Yellen, 594 U.S. ___ (2021), was a United States Supreme Court case dealing with the structure of the Federal Housing Finance Agency (FHFA). The case follows on the Court's prior ruling in Seila Law LLC v. Consumer Financial Protection Bureau, which found that the establishing structure of the Consumer Financial Protection Bureau (CFPB), with a single director who could only be removed from office "for cause", violated the separation of powers; the FHFA shares a similar structure as the CFPB. The case extends the legal challenge to the federal takeover of Fannie Mae and Freddie Mac in 2008.

References

  1. Housing and Economic Recovery Act of 2008 Archived 2013-10-19 at the Wayback Machine (PDF)
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Further reading