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Federal Housing Finance Agencyńˇ╗s (FHFAńˇ╗s) Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions
Federal Housing Finance Agencyäó»s (FHFAäó»s) Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions
 

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By Russell A. Rau (ed)
Year: 2012
Pages: 46
Binding Paperback
ISBN 978-1-4578-4245-0

Product Code: 1457842459

Description
 
The Federal National Mortgage Assoc. (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) lost billions of dollars when the housing market collapsed in 2007 and 2008. In response, Congress enacted the Housing and Economic Recovery Act of 2008 (HERA), which created the Federal Housing Finance Agency (FHFA) to regulate Fannie Mae and Freddie Mac (collectively, the Enterprises) in order to ensure their safety and soundness and facilitate a stable liquid mortgage market. On Sept. 6, 2008, the Enterprises entered into conservatorships supervised by FHFA. As conservator, FHFA has extensive authority over the Enterprisesńˇ╗ operations. However, in Nov. 2008, the Agency broadly delegated most of its conservatorship authority back to the Enterprises. As part of the delegation, FHFA required the Enterprises to obtain FHFA approval for selected business decisions, such as those involving legal settlements over $50 million and risk limit. This report audited FHFAńˇ╗s process for approving these non-delegated enterprise business decisions. Tables. This is a print on demand report.

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