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 2018 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 2018 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.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Language Translation Disclosure
Dr. Calabria, nominated by President Trump in January 2019, was confirmed by the U.S. Senate and sworn in as Director of FHFA in April 2019. Prior to joining FHFA, Dr. Calabria was Chief Economist for Vice President Mike Pence, handling all economic policy issues with a focus on taxes, trade, manufacturing, financial services, and labor and housing. Immediately prior to his service with Vice President Pence, he spent eight years as Director of Financial Regulation Studies at the Cato Institute, where he helped to establish Cato's Center for Monetary and Financial Alternatives.
Dr. Calabria also previously served as a senior aide on the United States Senate Committee on Banking, Housing, and Urban Affairs to both Chairman Phil Gramm and Chairman Richard Shelby. He has also served as Deputy Assistant Secretary for Regulatory Affairs at the U.S. Department of Housing and Urban Development. He has held a variety of positions at Harvard University's Joint Center for Housing Studies, the National Association of Home Builders, and the National Association of Realtors. He has been a Research Associate at the U.S. Census Bureau's Center for Economic Studies. He holds a doctorate in economics from George Mason University.During his Senate service, Dr. Calabria drafted significant portions of the Housing and Economic Recovery Act of 2008, which created a new regulatory framework for the housing government sponsored enterprises, Fannie Mae and Freddie Mac, and the Federal Home Loan Banks. He was the primary drafter of the Shelby‐Dodd Flood Insurance Reform bill, which formed the basis for the Biggert‐Waters Flood Insurance Reform Act of 2012.
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Laura S. Wertheimer, Inspector General
Laura S. Wertheimer was confirmed as Inspector General for the Federal Housing Finance Agency (FHFA) by the U.S. Senate on 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 (OIG) 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.
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Office of Inspector General (OIG) 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.
Adolfo Marzol, Principal Deputy Director
Marzol joined FHFA in April 2019. He serves as Principal Deputy Director to Director Calabria.
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John Roscoe, Chief of Staff
John Roscoe joined FHFA in February 2019. He serves as Chief of Staff to Director Calabria.
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Christopher Bosland, Senior Advisor for Regulation
Chris Bosland joined FHFA in May 2019 as Senior Advisor for Regulation. Before joining FHFA, Bosland served as Deputy Chief of Staff and Assistant Deputy Special Inspector General at SIGTARP, the U.S. Department of the Treasury’s watchdog agency created to provide oversight of the financial crisis bailout and recovery programs.
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Lynn Fisher, Senior Advisor for Economics
Lynn Fisher serves as the Senior Advisor for Economics to FHFA Director Mark Calabria. Fisher joined FHFA from the American Enterprise Institute where she was a Resident Scholar and Co-Director of the Housing Center.
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Sheila Greenwood, Director of External Relations
As Director of External Relations, Greenwood oversees the Office of Congressional Affairs and Communications, including stakeholder outreach. She joined FHFA in April 2019.
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Clinton Jones, Senior Advisor for Legal Affairs & Policy
Clinton Jones is the Senior Advisor for Legal Affairs and Policy to FHFA Director Mark Calabria. Prior to joining FHFA, Jones was a senior staff member of the U.S. House of Representatives’ Committee on Financial Services.
Lawrence Stauffer, Acting Chief Operating Officer
Stauffer is responsible for managing the Agency’s operations and oversees FHFA’s administrative and support services, including budget and finance, communications, congressional affairs, human resources, information technology and quality assurance.
Office of the Chief Operating Officer (OCOO) 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, Deputy Director
Nichols is responsible for a variety of activities related to supervision of Fannie Mae and Freddie Mac (the Enterprises) and ensuring their safe and sound operation.
Division of Enterprise Regulation (DER) employees provide 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.
Andre D. Galeano, Deputy Director
In his role, Galeano oversees the regulation and supervision of the Federal Home Loan Banks.
Division of Bank Regulation (DBR) 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, Deputy Director
As head of DHMG, Thompson oversees FHFA's research activities, 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.
Division of Housing Mission and Goals (DHMG) 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, Thompson also oversees and coordinates FHFA activities including data analyses, market surveillance, systemic risk monitoring, and analysis affecting housing finance and financial markets.
Robert Fishman, Deputy Director
As head of DOC, Fishman is responsible for leading, coordinating and clarifying, as needed, FHFA and Enterprise (Fannie Mae and Freddie Mac) activities related to the conservatorship. He also oversees FHFA’s Strategic Plan for the Enterprise Conservatorship.
Division of Conservatorship (DOC) 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. DOC facilitates communications between the Enterprises and the Conservator to ensure the prompt identification of emerging issues and their timely resolution.
Sharron P.A. Levine, Director
As leader of OMWI, Levine ensures 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, the eleven Federal Home Loan Banks, and the Office of Finance.
Office of Minority and Women Inclusion (OMWI) is responsible for all matters of the Agency relating to diversity in management, employment, and business activities. OMWI sets Agency standards for increased participation of minority- and women-owned businesses in Agency programs and contracts, including standards for coordinating technical assistance to such businesses and evaluating the good faith efforts of Agency contractors and subcontractors. OMWI is also responsible for developing internal Equal Employment Opportunity (EEO) standards that address the racial, ethnic, and gender diversity of the Agency's workforce and ensures that FHFA is compliant with EEO laws and regulations. In addition, OMWI oversees and directs all diversity and inclusion examination activities of all of the Agency's regulated entities and prepares annual conclusion memoranda for each. OMWI monitors and assesses their compliance with diversity and inclusion laws and regulations through annual on-site examinations of the FHLBanks and, while in conservatorship, continuous supervision of the Enterprises, and off-site monitoring and analysis.
Alfred M. Pollard, General Counsel
Pollard supervises all of OGC's work, which includes regulatory 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.
Office of General Counsel (OGC) 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.
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. Created by regulation under HERA, the office commenced operation in March 2011.
Page last updated: 9/13/2019
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