Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) was created in with the signing of the Housing and Economic Recovery Act of 2008, which gave the new agency oversight of the secondary mortgage markets, including:
- Fannie Mae,
- Freddie Mac, and
- Federal Home Loan Banks.
Additionally, the 2008 Act required the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD) to combine under the FHFA.<ref>About FHFA. Federal Housing Finance Agency. Retrieved on May 8, 2012.</ref>
The Dodd-Frank Act
The 848-page Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act was signed into law by President Barack Obama on July 21, 2010.<ref>Obama Signs Sweeping Wall Street Overhaul Into Law. Reuters. Retrieved on July 22, 2010.</ref> Among its provisions were several issues affecting the FHFA:
- Title I created the Financial Stability Oversight Council, a nine-member panel of U.S. regulators, including the FHFA. The FSOC is charged with monitoring the stability of the financial system.
- Title II created the Orderly Liquidation Authority, which is designed to mitigate systemic risk in the case of the bankruptcy of a "covered," or "systemically important" financial company. Though under FDIC jurisdiction, the OLA may extend to any financial entity.
- Title VII, Wall Street Transparency and Accountability, requires transparency and regulation of over-the-counter [OTC derivatives]].
- Title XIII requires the Federal Housing Finance Authority (FHFA) to study and report on how it plans to stimulate a recovery in the housing market "without burdening taxpayers."