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 2017 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.
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...
Glossary - Spanish / English
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Mary Pat Fox, Manager
Ms. Fox has over 20 years experience in the field of executive compensation at IBM, Willis Towers Watson, ADP, the Department of Treasury and Federal Housing Finance Agency (FHFA).
Arun Barman, M.Sc., Senior Economist
Barman joined FHFA in February 2014 from Deloitte and Touche where he provided risk analysis for Ginnie Mae. Previously, he was a Research Economist at the National Association of Realtors. He has also worked at the Bureau of Labor Statistics and the Brookings Institution. He received his Bachelor's degree from U.C.L.A. He also holds Master's degrees from the University of Toledo and the London School of Economics. He has several publications in Real Estate Insights, as well as with the National Association of Realtors.
Rebecca Cohen, Senior Policy Analyst
Cohen joined the Federal Housing Finance Agency in 2019. She is a Senior Policy Analyst for the Duty to Serve Program. Before joining FHFA, Cohen worked at Abt Associates; the Bipartisan Policy Center (BPC), in support of BPC's Housing Commission; and the Center for Housing Policy. Cohen received a Master’s degree in Urban and Regional Planning from the Humphrey School of Public Affairs at the University of Minnesota and a B.A. in Cultural Anthropology from Washington University in St. Louis.
Matthew Douglas, Senior Policy Analyst, Assistant Program Manager
Douglas joined the Federal Housing Finance Agency in 2015. He is a Senior Policy Analyst for the Duty to Serve Program. He works on the Agency's policy team pertaining to the three core markets that encompass the Duty to Serve Program. Douglas is also responsible for leading the policy team related to the scoring and rating process for the Duty to Serve Program. Prior to joining the Federal Housing Finance Agency, Douglas worked for the U.S. Department of Housing and Urban Development, in the division of Public and Indian Housing, the Federal Housing Administration and Ginnie Mae. Douglas received a J.D. as well as a B.A. in Finance from the University of Kentucky and joined federal service when he was selected as a Presidential Management Fellow.
Jim Gray, Program Manager
Gray is the manager with overall responsibility for the Federal Housing Finance Agency's Duty to Serve Program in the Office of Housing and Community Investment. Gray joined FHFA in 2010. From 2010 until 2016, he was the manager of Counterparty Policy in the Office of Housing and Regulatory Policy (OHRP). Among the projects Gray led in OHRP were the Duty to Serve Rulemaking, Lender Placed Insurance initiative and the revision and consolidation of the Enterprises' Private Mortgage Insurance Eligibility Requirements (PMIERs). Prior to FHFA, from 2000 to 2010, he led affordable housing programs at what is now Capital Impact Partners, then, the nonprofit affiliate of the National Cooperative Bank. In this role, Gray started a Ford Foundation-funded program, “Cornerstone Partnership" now known as Grounded Solutions Network. Prior to that, Gray was the Senior Advisor to former FHA Commissioners Retsinas and Apgar in their capacity as members of the Federal Housing Finance Board. Gray received a law degree from Vanderbilt University and a Bachelor of Arts degree from Hendrix College.
Mary Owens, Policy Analyst and Multifamily Market Specialist
Owens joined the Federal Housing Finance Agency in 2017. She is a Policy Analyst and the Affordable Multifamily Specialist for the Duty to Serve Program. In this role, she leads the Agency's analysis, engagement, and evaluation related to the preservation of affordable multifamily housing under the Duty to Serve program. Prior to joining FHFA, Owens served as a Management and Program Analyst at the United States Interagency Council on Homelessness, where she managed the implementation of
Opening Doors: Federal Strategic Plan to Prevent and End Homelessness and specialized in efforts to prevent and end youth homelessness and American Indian and Alaska Native homelessness. Owens received a law degree from Loyola University New Orleans College of Law and has dual degrees in Political Science and Finance and Economics from Spring Hill College.
Geenae R. Rivera Soto, Program Analyst
Rivera serves as a Policy Analyst and the Single-Family Market Specialist for the Duty to Serve Program. She joined FHFA in 2011 as a student intern and later served as a Diversity and Inclusion Specialist in FHFA's Office of Minority and Women Inclusion. A native of San Juan, Puerto Rico, Rivera has pursued a career over the past ten years in public policy, ranging in areas from not-for-profit to the legislative and executive branches of the Federal government. She served as program manager at MANA, a National Latina Organization from 2007 to 2009 and from 2009 to 2010 she worked at the U.S. House of Representatives for former Resident Commissioner Pedro Pierluisi as a Legislative Correspondent. Rivera holds a Master's degree in City and Regional Planning from The Catholic University of America, a Master's degree in Public Administration from the University of Dayton, and a B.A. with concentrations in Political Science and Spanish from the University of Dayton. She is fluent in Spanish, English, and French.
Tanya Winters, Senior Policy Analyst
Winters joined the Federal Housing Finance Agency in 2019. She is a Senior Policy Analyst for the Duty to Serve Program. Before joining FHFA, Winters worked at the Department of Housing and Urban Development (HUD) in the Asset Management Division, Office of Multifamily Housing. Winters was responsible for asset management functions assisting in the creation of strong, sustainable communities through quality affordable housing. Winters received a Master’s degree in Urban Studies and a Bachelor’s degree in Political Science and Legal Studies from the State University of New York at Buffalo. Winters is also a certified Historic Preservationist Specialist.
Robert B. Avery, Project Director
Avery is the overall director of the National Mortgage Database Project. He joined FHFA in that capacity after retiring as a Senior Economist from Board of Governors of the Federal Reserve System in the fall of 2012. Previously he had held positions as a Professor at Cornell University and as an Assistant Professor at Carnegie Mellon University. His work at the Federal Reserve focused on supervisory issues related to community affairs and bank supervision. He was a coauthor of a number of studies in these areas including the Federal Reserve’s Congressional Report on Disparate impact in Credit Scoring, and Federal Reserve Bulletin articles on the 2004 through 2011 Home Mortgage Disclosure Act data and revisions to the Community Reinvestment Act in 2005. He was also one of the founders of the tri-annual Survey of Consumer Finances and designed the loan sampling systems used for the Federal Reserve’s examinations of small bank safety and soundness and for large syndicated loans. He has a B.A. from the University of Pennsylvania and a Ph.D. from the University of Wisconsin-Madison.
Ian Keith, Senior Program Analyst
Keith is responsible for the data management and quality control of the National Mortgage Database. He specializes in SAS® software. He is an expert in Home Mortgage Disclosure Act data, Census tract demographic data, and FHFA’s Enterprise affordable housing goals. Prior to joining FHFA, he spent 17 years at the Department of Housing and Urban Development primarily with the Office of Policy Development and Research in the Financial Institutions Regulation Division before transferring to FHFA in 2009. He has a B.S. in Mathematics from the University of Wisconsin-Madison and an M.S. in Operations Research from the Naval Postgraduate School.
Ismail Mohamed, Senior Financial Analyst
Mohamed is responsible for overseeing the matching of administrative and other third-party data into the National Mortgage Database. He joined the National Mortgage Database team from the Department of Housing and Urban Development (HUD) where he had worked as a contractor for 13 years. He has over 20 years of solid technical expertise in statistical software, applications development, data analysis, and applied economic research. During his tenure with the Office of Policy Development and Research, Mohamed supported HUD’s mission regulation of Fannie Mae and Freddie Mac until that responsibility was transferred to FHFA. Afterward, he continued as lead architect and developer in vital HUD projects including the analyses of Federal Housing Administration, Home Mortgage Disclosure Act, Home Affordable Modification Program, Mortgage Loan Performance, and McDash data, and the development of HUD’s Housing Scorecard. He also led HUD’s implementation of the agency-wide SAS® Enterprise Business Intelligence System that supported over 300 HUD SAS users. Mohamed was author and coauthor in papers covering the practical implementation of time series, applications of neural networks, program planning and evaluation, and international development. He received a M.S. from the University of Maryland, and a M.S. and a Ph.D. from Iowa State University.
Saty Patrabansh, Manager / Supervisory Economist
Patrabansh manages the administration of the National Mortgage Database program at FHFA and bears overall responsibility for the National Survey of Mortgage Originations (NSMO) and American Survey of Mortgage Borrowers (ASMB). He specializes in researching home purchase and mortgage refinancing, including first-time homebuyers and rural borrowers; mortgage delinquency, foreclosure prevention and homeownership retention; and foreclosure and property disposition. Previously at FHFA, he was a Senior Economist in the Office of Policy Analysis and Research and worked on research and analysis related to HARP, REO disposition, and non-performing loans. Prior to joining FHFA, he was a Data Center Director and Project Director at Abt Associates, a government research and consulting firm. There he specialized in program evaluation and policy research, particularly in the areas of housing policy and housing finance for the Department of Housing and Urban Development (HUD), including studies of the Enterprises and FHA. He also led data and evaluation projects for HUD, the Census Bureau and Food and Nutrition Services. He holds an M.P.P. specializing in econometrics, finance, and evaluation from the University of Chicago and a B.A. in mathematics and economics from Grinnell College.
Jay Schultz, Senior Economist
Schultz is responsible for developing and implementing critical components of the National Mortgage Database, including imputations. He joined FHFA in 2009 when the housing goal responsibility was transferred from the Department of Housing and Urban Development (HUD), where he had worked in the Office of Policy Development and Research for 12 years and the Office of Fair Housing and Equal Opportunity for 2 years. His work at HUD focused on developing regulations and evaluating the performance of Fannie Mae and Freddie Mac toward the statutorily required housing goals. Prior to working for the Federal Government, he held the position of Chief Economist for the Missouri Department of Insurance where he headed the Statistics Section which is responsible for collecting and analyzing data on underwriting and losses paid for all lines of insurance. His research focuses on affordable housing and mortgage market issues as well as property insurance as it relates to affordable housing and community development. He has a B.S. in Economics from Michigan Technological University and a Ph.D. in Economics/Finance from the University of Missouri-Columbia.
Rebecca Sullivan, Economist
Sullivan supports data management and analysis of the National Mortgage Database, focusing primarily on the National Survey of Mortgage Originations. She graduated from the University of Maryland with a B.S. in economics, focusing on public policy and statistical modeling. She came to the NMDB team from her role as a research assistant at the University of Maryland. In that role, she managed databases consisting of economic, demographic, and voting data.
Nayantara Hensel, Ph.D., Associate Director
Dr. Nayantara Hensel has worked extensively on a variety of research and policy projects. She and her team have focused on the impact of economic factors on growth and risk in single family and multifamily housing markets at metropolitan, regional, and national levels (including underserved markets), as well as have analyzed Enterprise risk exposure in these areas. She has been involved in a number of policy initiatives, including leading the affordable housing goals team in developing the proposed rule for the Enterprises affordable housing goals for 2015-2017 and in playing a key role in the development of the actual rule. She previously served as the Chief Economist for the Department of the Navy where she provided economic guidance and forecasts on economic factors (interest rates, commodities and strategic materials, exchange rates, etc.) and played a significant role in defense industrial base issues (mergers and international supply chains and defense trade, etc.) and in the development of the Department of the Navy budget. She co-directed several teams in the acquisition policy development of the Better Buying Power Initiative. In the private sector, Dr. Hensel served as Senior Manager and chief economist for Ernst & Young’s litigation advisory group, where she played a significant leadership role in the Enron bankruptcy, as well as in other cases involving mutual funds, IPO’s, etc. She has taught at Harvard University, the Stern School of Business at New York University (NYU), the Naval Postgraduate School (where she headed the MBA Finance program), and National Defense University (where she developed and led the defense industrial base curriculum), and has also served as Research Fellow at NBER and as the Pentagon Scholar in Residence. Dr. Hensel was awarded the Department of Defense Joint Civilian Service Commendation Medal in 2013. She received her B.A., M.A., and Ph.D. from Harvard University, where she graduated magna cum laude and Phi Beta Kappa and specialized in economics and finance. Dr. Hensel authored
The Defense Industrial Base: Strategies for a Changing World (which has been published in hardback, paperback, and Kindle), as well as has written over 60 articles and research reports. She has published on efficiency in international banking, IPO pricing, defense mergers, and strategic materials in journals such as the
Review of Financial Economics, the
International Journal of Managerial Finance, Business Economics, the European Financial Management Journal, the
Journal of Financial Transformation, and Harvard Business School Working Knowledge, etc. She chaired the National Association for Business Economics (NABE) Outlook and Industry Forecasting Surveys and served on the Board of Directors for NABE and the National Economist Club (NEC). Dr. Hensel is an elected member of NBEIC, the Conference of Business Economists, and the Exchequer Club and has appeared on CNBC, PBS, Fox Business TV, Voice of America, and Reuters TV, as well as has conducted a variety of radio interviews on ABC, CBS, NPR, Wall Street Journal Radio, Bloomberg Radio, AP, etc.
Michael Groarke, Senior Policy Analyst, MBA
Michael Groarke has extensive experience in single family and multifamily housing markets, as well as in affordable housing. He has played an important role in teams focusing on housing research and policy development, and in the development of affordable housing goals for the Enterprises. He previously worked at HUD, with the CIA, and with several other government agencies and firms. He received his undergraduate degree in economics from Columbia University and his MBA from the business school at the College of William & Mary.
Alex N. Bogin, Ph.D., Senior Economist
Bogin is responsible for developing historically-based shocks to several key market risk factors including interest rates, implied volatility, and option-adjusted spreads. These risk factor shocks will be incorporated into a proposed revision to the market risk based capital rule for the Federal Home Loan Banks. Alex has expertise in urban economics, applied econometrics, and financial modeling. Recent publications include “Generating Historically-Based Stress Scenarios Using Parsimonious Factorization" 2013; “No Base Left Behind: The Impact of Military Base Closures on Educational Expenditures and Outcomes" 2013; and “Winning Pays: High School Football Championships and Property Values" 2013. Alex joined FHFA in 2012 after graduating from Syracuse University with a Ph.D. in Economics.
Rasheed Bracey, MBA, AMP, Financial AnalystRasheed joined FHFA as a financial analyst after graduating from Saint Louis University with an MBA in Finance and Strategy, in 2015. Rasheed assists OPAR in the areas of capital market analysis. Prior to FHFA, Rasheed worked at various organizations including Invest Atlanta, focusing on economic development and investment strategy.
Chi-Cheol Chung, Senior Financial Analyst
Chung is responsible for leading research on the housing affordability. Recently he published a research paper on a new home affordability estimate. At FHFA, he serves as an expert in data and modeling, credit and market risk assessment, risk-based capital framework and policy analysis including FHFA’s Neighborhood Stabilization Initiatives. Prior to FHFA, he worked at various organizations including Fannie Mae, Freddie Mac and Barclays, focusing on fixed income capital markets and market risk management. He received a business degree from the University of Virginia with concentration of finance, economics and marketing.
Will Doerner, Ph.D., Supervisory Economist
Doerner leads a team that focuses on topics like mortgage collateral and market trends. His group is responsible for House Price Index (HPI) production and related research. He has published over a dozen articles in academic journals on a range of topics like finance, housing, property taxation, and policing. Several papers have received “best paper” recognitions from professional organizations and publisher. He has received teaching awards for university courses that he designed and taught on housing markets and land use regulations. His work has been covered by major news outlets, trade associations, and think tanks. Will brings a combination of practical and academic experiences that include being appointed as a Commissioner for the Prince George's County Planning Board, serving on the Hyattsville Planning Committee, and working in property appraisal and valuation for both state and county agencies in Florida. He holds a Ph.D. in Economics (Florida State University), M.S. in Economics (Florida State University), and a B.S. in Mathematics-Economics and Urban Studies (Furman University).
Debra Fuller, ABD, Principal Financial Engineer/Economist
Fuller is a responsible for managing research projects from data collection, validation and loading into QRM, 3rd party vendor behavioral model and term structure and other assumptions set-up and validation, resolution of IT/vendor issues, including debugging and RAM and disk space issues, and validation and analysis of vendor and proprietary FHFA model results. Debra also is responsible for documentation of aforementioned processes and writing of white papers and presentations. She has expertise in SAS, default/prepayment modeling, market risk, credit risk, and project management. Published work includes “Economic Impact Analysis of the Port of Tampa," USDA white papers, FHFA Risk-based Capital Rule and an FHFA Countercyclical working paper. She has earned a BA International Relations/Spanish (University of South Florida), MS Economics (University of Florida), and was a Ph.D. Candidate ABD (University of Miami). Several FHFA awards, including the Director's Award for work on principal forgiveness.
William D. Larson, Ph.D., Senior Economist
Larson has established a diverse portfolio of high quality research, which includes publications in the Journal of Monetary Economics, Journal of Urban Economics, Real Estate Economics, and The Proceedings of the National Academy of Sciences since completing his Ph.D. in 2011 at the George Washington University. At FHFA, he serves as an expert in house price indices, urban and regional economics, and the economics of natural disasters. Prior to his arrival, he worked at the Washington Post in the Research and Analytics department, and at the Bureau of Economic Analysis in the Office of the Chief Statistician. He is an active member of the American Real Estate and Urban Economics Association, the Regional Science Association, and the Urban Economics Association.
Nataliya Y. Polkovnichenko, Ph.D., Senior Economist
Polkovnichenko conducts research on the effects of new capital requirements as applicable to the Federal Home Loan Banks. Recently she has been involved in the research project analyzing the effect of any regional aggregation bias in applying House Price Index shocks to countercyclical stress tests used to set credit risk based capital requirements. She has also worked on estimating prepayment model error, which is one of the potential inputs in the new risk based capital requirements for market risk. Before joining FHFA, she was a finance instructor at the University of Minnesota and a senior lecturer in finance at the University of Texas at Dallas. Nataliya received a Ph.D. in Business Administration with specialization in finance from the University of Minnesota and an M.S. degree in mathematics and mechanics from Moscow State University.
David Roderer, Senior Financial Analyst
Roderer is responsible for the Annual Guarantee Fee Report and the Monthly Interest Rate Survey. Over the last four years he has worked extensively on finding the appropriate level of guarantee fees. He has been with the FHFA and FHFB for 11 years in the Office of Policy Analysis & Research and the Division of Bank Regulation. Before that he worked for the OCC for ten years, in Economics and Compliance. He has a B.A. in Mathematics from Macalester College.
William Shen, M.R.P., Principal Policy Analyst
Shen focuses on housing finance policy and policy research. From 2012 to 2013, he was on detail assignment to the U.S. House Financial Services Committee, where he assisted with drafting housing finance reform bills. More recently, he has studied the single-family rental market, developed and reviewed credit risk transfer transactions, represented FHFA on the intergovernmental Financial Stability Oversight Council (FSOC), and provided technical assistance on proposed legislation and federal regulations. Before joining FHFA in 2012, he served at the Department of the Treasury and at the U. S. Senate's Congressional Oversight Panel for the TARP. Earlier, he spent five years at HUD, where he founded and led a new office charged with rehabilitating public housing authorities in federal receivership, and later served as the Senior Advisor to the President of Ginnie Mae. Prior to HUD, he worked in commercial real estate finance and development at the financial services firm Legg Mason. He holds a B.A. in government from University of Virginia and a Master of Regional Planning from the University of Pennsylvania, with a curriculum that combined training in urban planning at its School of Design and real estate finance at its Wharton School.
Jessica Shui, Ph.D., Economist
Shui joined FHFA as a junior Economist after graduating from the University of California at Berkeley with a Ph.D. in Economics in 2016. During her graduate study, she has worked on topics in behavior economics and real estate economics with applications in real estate brokerage service. Her recent research mainly focuses on the economic implications of real estate appraisals and geographic variations of add-on value of house hedonics.
Ron Sugarman, Principal Legislative Analyst
Sugarman has more than 30 years of experience in federal housing finance programs. His recent work has focused on Fannie Mae and Freddie Mac guarantee fee policy analysis, Dodd-Frank implementation (credit risk retention and swap margin rules), writing a working paper on the National Survey of Mortgage Originations, writing part of the Enterprise capital rule, and international coordination. Prior to joining OFHEO (one of FHFA's predecessor agencies), he worked at HUD on the FHA and Ginnie Mae programs. He earned his B.A. in Quantitative Studies at Johns Hopkins University.
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