Federal Housing Finance Agency Law and Legal Definition
Federal Housing Finance Agency (FHFA) is an independent federal agency of the U.S. government. It was created on July 30, 2008, when the Housing and Economic Recovery Act of 2008 (Act) gave FHFA the authorities necessary to oversee vital components of America’s secondary mortgage markets: Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
The Act combined the staffs of the Office of Federal Housing Enterprise Oversight, the Federal Housing Finance Board, and the GSE mission office at the Department of Housing and Urban Development (HUD). FHFA, the new agency was established to act like a bank-regulator in order to strengthen and improve oversight of the U.S. housing finance system because of the secondary mortgage market's major role in the overall economy.
The FHFA’s mission is to ”provide effective supervision, regulation and housing mission oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to promote their safety and soundness, support housing finance and affordable housing, and support a stable and liquid mortgage market.”
•Legal Definition list
- Federal Housing Administration
- Federal Home Loan Mortgage Corporation[FHLMC]
- Federal Home Loan Mortgage Corporation
- Federal Home Loan Banks [FHLB]
- Federal Home Loan Bank Board
- Federal Housing Finance Agency
- Federal Housing Finance Board
- Federal Implementation Plan [Pollution Prevention]
- Federal Income Tax
- Federal Indian Reservation
- Federal Information Security Management Act
Related Legal Terms
- Accompanying the Federal Government Outside the United States
- Accredited Agency [Adoption]
- Accrediting Agency [Education]
- Active Voters [Federal Elections]
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
- Administering Agency
- Administrative Agency
- Administrative Committee of the Federal Register
- Administrative Governor [Federal Reserve System]
