Office of Federal Housing Enterprise Oversight
Encyclopedia
Federal National Mortgage Association
The Federal National Mortgage Association , commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. It is a government-sponsored enterprise , though it has been a publicly traded company since 1968...
(Fannie Mae) and the Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation , known as Freddie Mac , is a public government sponsored enterprise , headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia....
(Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992
Federal Housing Enterprises Financial Safety and Soundness Act of 1992
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 . The Act established the Office of Federal Housing Enterprise Oversight within the United States Department of Housing and Urban Development...
.
OFHEO was managed by a Director, appointed by the President and ratified by the Senate. The final Director was James B. Lockhart III
James B. Lockhart III
James B. Lockhart III assumed the position of Vice Chairman of WL Ross & Co. LLC in September 2009. WL Ross manages $9 billion of private equity investments, a hedge fund and a Mortgage Recovery Fund. It is a subsidiary of Invesco, a Fortune 500 investment management firm...
, assuming the position during a time of crisis as Acting Director April 28, 2006, when nominated, confirmed to the post on June 15, and sworn in June 26, 2006. The previous Director was Armando Falcon, Jr
Armando Falcon
Armando Falcon, Jr. is the former Director of the Office of Federal Housing Enterprise Oversight , a position he held from 1999-2005...
, confirmed September 29, 1999, and forced to resign February 4, 2003, over the release of critical oversight reports However, the White House withdrew the nomination of his successor and he served as Director beyond the end of his term as provided by law.
On July 30, 2008, the Housing and Economic Recovery Act of 2008
Housing and Economic Recovery Act of 2008
The Housing and Economic Recovery Act of 2008 designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90...
combined OFHEO and the Federal Housing Finance Board
Federal Housing Finance Board
The Federal Housing Finance Board was an independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over oversight of the Federal Home Loan Banks , and was superseded by the Federal Housing Finance Agency in 2008.The FHFB...
(FHFB) to form the new Federal Housing Finance Agency
Federal Housing Finance Agency
The Federal Housing Finance Agency is an independent federal agency created as the successor regulatory agency resulting from the statutory merger of the Federal Housing Finance Board , the Office of Federal Housing Enterprise Oversight , and the U.S...
(FHFA). OHFEO director James B. Lockhart III
James B. Lockhart III
James B. Lockhart III assumed the position of Vice Chairman of WL Ross & Co. LLC in September 2009. WL Ross manages $9 billion of private equity investments, a hedge fund and a Mortgage Recovery Fund. It is a subsidiary of Invesco, a Fortune 500 investment management firm...
oversaw the agency at its conception, but departed after less than a year.
OFHEO also published the house price index
House price index
-FHFA/OFHEO:The US Federal Housing Finance Agency publishes the HPI inx, a quarterly broad measure of the movement of single-family house prices....
.