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 2022 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.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
Operate the business in a safe and sound manner.
Promote sustainable and equitable access to affordable housing.
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.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
The Honorable Sandra L. Thompson was nominated by President Joseph R. Biden to serve as the Director of the Federal Housing Finance Agency (FHFA) and was sworn in on June 22, 2022.
Thompson has over 40 years of private and public sector finance experience, with expertise in supervision, consumer protection, risk management, and consumer outreach. Prior to leading the agency, Thompson served as Deputy Director of the Division of Housing Mission and Goals (DHMG) since March 2013, overseeing FHFA’s housing and regulatory policy, capital policy, fair lending, and mission-critical activities for the regulated government-sponsored entities of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Before joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC) for more than 23 years in a variety of leadership positions, including as Director of the Division of Risk Management Supervision.
Thompson is a graduate of Howard University in Washington, D.C.
The Office of the Director ensures that Fannie Mae, Freddie Mac, and the Federal Home Loan Banks operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance and community investment. Within the Office of the Director is the Office of Congressional Affairs and Communications, which coordinates contact and communication with members of the public, the media, Congress, stakeholders, government agencies, and other external organizations.
Chief of Staff
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Senior Advisor for Capital Markets
FHFA Executive Secretary
Senior Advisor for Legal Affairs & Policy
Division of Accounting and Financial Standards (DAFS) led by Deputy Director
Nina Nichols provides advisory support to DER, includes several cross-Agency functions including the Office of the Chief Accountant (OCA), the Office of the Ombudsman, and the Office of Executive Compensation. The division oversees accounting policy, identifies financial institution trends, and best practices. DAFS also assists with Federal Housing Finance Oversight Board responsibilities. OCA is FHFA’s authoritative resource for accounting, auditing, financial reporting, financial disclosure, and governance matters. The Office of Ombudsman is responsible for considering complaints and appeals from any appeals from any regulated entity, the Office of Finance, or any person who has a business relationship with a regulatory entity or the Office of Finance concerning any matter relating to FHFA's regulation and supervision. The Office of Executive Compensation performs FHFA’s oversight of executive compensation matters at the regulated entities.
Division of Bank Regulation (DBR) led by Deputy Director
Joshua Stallings 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.
Division of Conservatorship Oversight and Readiness (DCOR)
Division of Conservatorship Oversight and Readiness (DCOR) led by Deputy Director Jason Cave assists the FHFA Director in carrying out the responsibilities as Conservator. These responsibilities include taking the actions necessary to put the Enterprises in a sound and solvent condition, ensuring they carry out their mission, verifying they meet FHFA's Strategic Plan for the Conservatorships including the annual Scorecards, and preserving and conserving their assets, while reorganizing, rehabilitating, and prioritizing their affairs as necessary. DCOR facilitates communications between the Enterprises and the Conservator to ensure the prompt identification of emerging issues and their timely resolution. DCOR works to address troubled entities in a safe, efficient, and stabilizing manner, particularly if an economic downturn emerges. Longer-term, DCOR work includes developing living wills and other contingency plans for resolving FHFA regulated entities in the event of distress and failure, among other resolution responsibilities.
Division of Enterprise Regulation (DER) led by Deputy Director Andre D. Galeano 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. Examination teams will expand further as DER continues to build towards a post-conservatorship future.
Division of Housing Mission and Goals (DHMG) led by Deputy Director
Naa Awaa Tagoe 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, Tagoe also oversees and coordinates FHFA activities including data analyses, market surveillance, systemic risk monitoring, and analysis affecting housing finance and financial markets.
Economics, research, and data analytics are core elements of effective regulatory policy, supervision, and oversight. The Agency set up the Division of Research and Statistics (DRS) in early 2020 to act as a research and data service center for other Divisions/Offices engaged in policy development, oversight, supervision, and rulemaking. The Division sources, integrates, manages, and governs data for use throughout the Agency. The Division also publishes data and statistics for the public including the FHFA House Price Index (HPI), National Mortgage Database (NMDB) aggregate statistics, National Survey of Mortgage Originations (NSMO) data, and the Enterprise Public Use Database (PUDB). DRS is led by Deputy Director
Daniel E. Coates; the Division includes three main offices: Office of Economic Research led by the Chief Economist; Office of Policy Evaluation led by a Senior Associate Director; and Office of Data & Statistics led by the Chief Data Officer.
Office of the Chief Operating Officer (OCOO) led by Chief Operating Officer Katrina D. Jones 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, 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.
Office of Equal Opportunity and Fairness (OEOF)
Office of Equal Opportunity and Fairness (OEOF) led by Deputy Director Debra Chew serves as a focal point for creating and maintaining equity and fairness for all FHFA employees. OEOF ensures the existence of an equitable and civil workplace, grounded in the dignity and respect for each of our employees. OEOF advocates for a model Equal Employment Opportunity (EEO) program while remaining proactive and impartial in its administration of the federal EEO Complaints Process and the Harassment Prevention Program. OEOF sponsors learning programs to educate employees on their rights and responsibilities under the civil rights laws. OEOF also develops tools and methodologies to better inform the workforce about addressing workplace conflict and seeking alternative dispute resolution.
Office of General Counsel (OGC) led by General Counsel Clinton Jones 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.
Office of Minority and Women Inclusion (OMWI) led by Acting Director Lou Scalza is responsible for all matters of the Agency relating to diversity in management, employment, and business activities. In accordance with the Dodd-Frank Act, OMWI is responsible for leading the Agency’s efforts to develop and implement, or promote equal employment opportunity and the racial, ethnic, and gender diversity of the Agency’s workforce, including senior management, as well as increased participation of minority- and women-owned businesses in Agency programs and contracts, and standards for coordinating technical assistance to such businesses. In addition, OMWI performs diversity and inclusion examinations of all of the Agency's regulated entities.
FHFA's Office of Inspector General (OIG) is responsible for conducting independent and objective audits, evaluations, investigations, surveys, and risk assessments of FHFA's programs and operations. OIG informs the FHFA 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. FHFA's Inspector General is the senior official responsible for independent audits, evaluations, investigations, and other law enforcement and oversight efforts to detect and deter waste, fraud, abuse, and misconduct within or affecting the programs and operations of FHFA. Oversight by OIG includes FHFA's regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA’s current Inspector General is Brian M. Tomney, who was sworn in on March 14, 2022, subsequent to confirmation by the U.S. Senate.
Date updated: July 18, 2023
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