This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2015 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2016 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
HARP - the Home Affordable Refinance Program was created by FHFA specifically to help homeowners current on their mortgage payments, but underwater on their mortgages.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector.
Meet the experts...
Key Topics pages provide information about FHFA's work on a range of issues facing the nation and highlight the most relevant related news releases, reports, statements and web pages on the respective topics.
The Honorable Melvin L. Watt of Charlotte, NC sworn in on January 6th to a 5-year term as the first Senate-confirmed Director of FHFA.
Read more about Director Watt
Born in Mecklenburg County, North Carolina on August 26, 1945, Mel Watt was a 1967 Phi Beta Kappa graduate of the University of North Carolina with a BS degree in Business Administration. In 1970 he received a JD degree from Yale University Law School and was a published member of the Yale Law Journal.Mel practiced law from 1970 to 1992, specializing in minority business and economic development law. He served in the North Carolina State Senate from 1985 to 1986. He served in the U.S. House of Representatives from 1993 to 2014 as a member of the House Financial Services Committee and the House Judiciary Committee. He was conﬁrmed by the U.S. Senate and was sworn in as the Director of the Federal Housing Finance Agency on January 6, 2014.Mel is married to Eulada Paysour Watt, an educator. They have two sons, Brian and Jason, both graduates of Yale University, and two grandchildren.
[PDF] High Resolution Photo of Director [JPG]
Laura S. Wertheimer was confirmed as Inspector General for the Federal Housing Finance Agency (FHFA) by the U.S. Senate on…
read more September 17, 2015, and was sworn in as FHFA's second Inspector General shortly thereafter. As Inspector General, Ms. Wertheimer is the senior official responsible for independent audits, evaluations, investigations, and other law enforcement efforts to detect and deter waste, fraud, abuse, and misconduct within or affecting the programs and operations of FHFA. Oversight by FHFA’s Office of Inspector General includes FHFA’s regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Ms. Wertheimer heads an independent organization of more than 140 professionals who are dedicated to promoting economy, efficiency, and effectiveness in all FHFA programs. Prior to her appointment as Inspector General, Ms. Wertheimer was a partner at Wilmer Cutler Pickering Hale and Dorr, where she led numerous independent internal investigations on behalf of audit, governance, and special board committees of publicly traded companies and represented public companies, professional service partnerships, and corporate directors and officers in regulatory investigations and enforcement proceedings under the federal securities laws. Ms. Wertheimer began her legal career as a law clerk for Chief Judge Spottswood Robinson of the U.S. Court of Appeals for the District of Columbia Circuit. Ms. Wertheimer earned her J.D. from Columbia Law School, where she was a member of the Columbia Law Review, and her B.A., magna cum laude, Phi Beta Kappa from Yale College.
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The Office of Inspector General is responsible for conducting independent objective audits, evaluations, investigations, surveys, and risk assessments of FHFA’s programs and operations. OIG informs the Director, Congress, and the public of any problems or deficiencies relating to programs and operations. OIG activities assist FHFA staff and program participants by ensuring the effectiveness, efficiency, and integrity of FHFA’s programs and operations.
Janell Byrd-Chichester is the Interim Ombudsman for FHFA and reports directly to the Director of FHFA. She assumed this role October 1, 2015.
read moreShe is responsible for considering complaints and appeals from any regulated entity, the Office of Finance, or any person who has a business relationship with a regulated entity or the Office of Finance concerning any matter relating to FHFA’s regulation and supervision.
Previously, Byrd-Chichester served as partner in the law firm Mehri & Skalet in Washington, DC from 2010 to 2014 in their fair housing, lending and consumer protection practice. Prior to this, Byrd-Chichester was Co-Managing Attorney for the Cochran Firm’s Washington, DC office from 2002 to 2009. She has also held positions with the NAACP Legal Defense Fund and the North Carolina Central University School of Law, and she clerked for the Honorable Cecil F. Poole of the United States Court of Appeals for the Ninth Circuit. Byrd-Chichester holds a B.S. from American University and a J.D. from the University of California, Berkeley, where she was a member of the California Law Review. Ms. Byrd-Chichester was appointed FHFA Chief of Staff October 6, 2014(in addition to acting as Interim Ombudsman.)
The Office of Ombudsman is responsible for considering complaints and appeals from any regulated entity, the Office of Finance, or any person who has a business relationship with a regulated entity or the Office of Finance concerning any matter relating to FHFA’s regulation and supervision. Created by regulation under HERA, the office commenced operation in March 2011.
Lawrence Stauffer is the Acting Chief Operating Officer of the FHFA. In this role, he is responsible for managing the Agency’s…
read moreoperations and oversees FHFA’s administrative and support services, including budget and finance, communications, congressional affairs, human resources, information technology and quality assurance.read less
The Office of Chief Operating Officer oversees the agency’s day-to-day operations that include facilities management, contingency planning, continuity of operations, financial and strategic planning and budgeting, contracting, hiring and human resources management, information technology, quality assurance, internal and external communications, and coordination with the FHFA Office of Inspector General. The office leads reporting on strategic planning and accountability, and develops recommendations for long-term improvements in agency operations.
Nina Nichols is the Deputy Director of the Division of Enterprise Regulation. Previously, Nichols was the…
read moreAssistant Deputy Director of the Division of Enterprise Regulation. She joined FHFA from JP Morgan Chase where she was a Senior Vice President. Prior to that, she held a variety of positions at the Board of Governors of the Federal Reserve System, including Assistant Director of Compliance in the Division of Banking Supervision and Regulation. read less
The Division of Enterprise Regulation is responsible for the supervision of the Enterprises to ensure their safe and sound operation. This office provides management oversight, direction, and support for all examination activity involving the Enterprises, the development of supervision findings, and preparation of the annual reports of examination. The division monitors and assesses the financial condition and performance of the Enterprises and their compliance with regulations through annual on-site examinations and periodic visits. An examiner-in-charge leads examination activity at each Enterprise.
Fred C. Graham is the Deputy Director of the Division of Federal Home Loan Bank Regulation at FHFA. In his role, he…
read moreoversees the regulation and supervision of the Federal Home Loan Banks.Graham has been with FHFA since it was established in 2008 and has held several senior positions with the Agency. Prior to being promoted to this role in April 2013, he served as Acting Deputy Director for the Division of Supervision Policy and Support (DSPS) and as Senior Associate Director for the Office of Risk Analysis in DSPS, where he chaired FHFA’s Risk Committee. Previously, Graham served with the Federal Housing Finance Board (FHFB), one of FHFA’s predecessor agencies, as a Senior Economist and head of risk modeling. Before he joined FHFA/FHFB in 2001, Graham spent time as an economist with the Office of the Comptroller of the Currency and has taught economics at American University in Washington, D.C.Graham earned a Ph.D. in Economics from the University of Virginia and a B.A. in History and Economics from Gettysburg College.read less
The Division of Federal Home Loan Bank Regulation is responsible for supervising the FHLBanks and the Office of Finance to ensure their safe and sound operation. The division oversees and directs all FHLBank examination activities, develops examination findings, and prepares annual examination reports. The division monitors and assesses the financial condition and performance of the FHLBanks and the Office of Finance and tests their compliance with laws and regulations through annual on-site examinations, periodic visits, and off-site monitoring and analysis. DBR also conducts Affordable Housing Program (AHP) on-site examinations and visits at each FHLBank annually to ensure compliance with program regulations and to evaluate the effectiveness of each FHLBank’s AHP program.
Sandra Thompson serves as Deputy Director of the Division of Housing Mission and Goals. She oversees FHFA's research
read moreactivities, policy development and analysis, the mission and goals of Fannie Mae and Freddie Mac, and the housing finance and community and economic development mission of the Federal Home Loan Banks.
In support of FHFA's mission and the Director's responsibilities as member of the Federal Housing Finance Oversight Board, the Financial Stability Oversight Board, and the Financial Stability Oversight Council, her Division is also responsible for overseeing and coordinating FHFA activities involving data analyses, and analysis affecting housing finance and financial markets.
Prior to joining FHFA, Thompson worked for the Federal Deposit Insurance Corporation (FDIC), where she held various positions over 23 years, most recently as Director, Division of Risk Management Supervision. During her time at FDIC, Thompson led the agency’s examination and enforcement program for risk management and consumer protection at the height of the financial crisis. She also led the FDIC’s outreach initiatives in response to a crisis of consumer confidence in the banking system. She previously served as Director of Securitization for the Resolution Trust Corporation, Goldman Sachs in New York City and Northwestern Mutual Life Insurance Company in Milwaukee, Wisconsin.Thompson is a graduate of Howard University in Washington, D.C.read less
The Division of Housing Mission and Goals is responsible for FHFA policy development and analysis, oversight of housing and regulatory policy, oversight of the mission and goals of the Enterprises, and the housing finance and community and economic development mission of the FHLBanks. In support of FHFA’s mission and the Director’s responsibilities as a member of the Federal Housing Finance Oversight Board, the Financial Stability Oversight Board, and the Financial Stability Oversight Council, the division also oversees and coordinates FHFA activities. Such activities involve data analyses, market surveillance, systemic risk monitoring, and analysis affecting housing finance and financial markets.
Bob Ryan is the Acting Deputy Director of the Division of Conservatorship (DOC). He leads all activities associated with the…
read moreAgency’s conservatorship strategic plan, which outlines an expansive agenda of agency activities to shape the future of housing finance.Ryan most recently served as a Senior Vice President of capital markets at Wells Fargo Home Mortgage. From 2009 to 2012 he was a Senior Advisor to U.S. Department of Housing and Urban Development Secretary Shaun Donovan and served as the first chief risk officer at the Federal Housing Administration. Ryan also spent 26 years at Freddie Mac. Ryan earned a B.S. in Business from George Mason University. Mr. Ryan also serves as Special Advisor to Director Watt.
The Division of Conservatorship assists the FHFA Director in carrying out his responsibilities as Conservator. These responsibilities include taking the actions necessary to put Fannie Mae and Freddie Mac (the Enterprises) in a sound and solvent condition, ensuring they carry out their mission, verifying they meet FHFA's Strategic Plan for the Conservatorships (the Plan) and the related annual Scorecards, and preserving and conserving their assets, while reorganizing, rehabilitating, and prioritizing their affairs as necessary. DOC facilitates communications between the Enterprises and the Conservator to ensure the prompt identification of emerging issues and their timely resolution.
Sharron Levine is the Director of the Office of Minority and Women Inclusion (OMWI) at FHFA. In this role, Levine…
read moreensures that minorities, women, service-disabled veterans and individuals with disabilities are fully included in any and all job and business opportunities at FHFA and the regulated entities – Fannie Mae, Freddie Mac and the twelve Federal Home Loan Banks.
Levine joined FHFA in June 2012 and has served as an Associate General Counsel since September of that year. Levine practiced law for 30 years and prior to joining FHFA served in the general counsel’s office of Fannie Mae from 1999 to 2011, departing as a Vice President and Deputy General Counsel for the multifamily housing division. Prior to that she held various other legal positions in the housing industry. Levine holds both B.A. and J.D. degrees from New York University.
The Office of Minority and Women Inclusion is responsible for all matters of diversity in employment, management, and business activities at FHFA as well as programs to monitor minority and women inclusion at the regulated entities. OMWI ensures that FHFA is compliant with Equal Employment Opportunity laws and regulations, and protects against illegal workplace discrimination. OMWI ensures that minorities, women, service disabled veterans, and persons with disabilities are fully included in all job and business opportunities created as a part of the Federal Government’s efforts to reform and strengthen the banking system and the financial services industry.
Alfred Pollard serves as General Counsel of the FHFA. His supervision of FHFA’s Office of General Counsel includes work on…
read moreregulatory matters affecting the housing government-sponsored enterprises and the Federal Home Loan Banks, ¬in-house legal issues and relationships with other government agencies and the Administration.Prior to joining FHFA, Pollard served as Senior Director for Legislative Affairs at the Financial Services Roundtable, a CEO-level trade group for the nation’s largest financial institutions, and as Director of Government Relations for the Savings and Community Bankers of America. Before that, for 12 years, Pollard was Senior Vice President and Director of the Washington, D.C. office for Security Pacific Corporation and briefly for Bank of America. In addition, Pollard worked on the staffs of two U.S. Senators.Pollard serves on the President’s Financial Fraud Enforcement Task Force and the U.S. Department of Justice’s Bank Fraud Working Group. He teaches (adjunct) at the Georgetown University School of Business and has previously taught at the University of Virginia School of Law (adjunct) and George Washington University School of Law.Mr. Pollard earned his Ph.D. in Foreign Affairs from the University of Virginia. He earned both his bachelor’s and law degrees from the University of North Carolina, Chapel Hill.He lives in Alexandria, Va., with his wife, Susan. They have three adult children, Sarah, Nathan and Rachel.read less
The Office of the General Counsel advises and supports the Director and FHFA staff on legal matters related to the functions, activities, and operations of FHFA and the regulated entities. It supports supervision functions, regulations writing, housing mission policy initiatives, and enforcement actions. The office oversees the bringing or defense of litigation. The office also manages the Freedom of Information Act and Privacy Act programs. The ethics official advises, counsels and trains FHFA employees on ethical standards and conflicts of interest, and manages the agency’s financial disclosure program.
© 2016 Federal Housing Finance Agency