WASHINGTON -- The Federal Housing Finance Agency has integrated three agencies into the agency. The reorganization includes the Office of Federal Housing Enterprise Oversight, the Federal Housing Finance Board and HUD's GSE mission team.
"FHFA was created at a time of significant turmoil in the nation's housing markets. We have great challenges and great opportunities ahead of us," James B. Lockhart, FHFA's director, said in a written statement issued today. "As a new regulatory body, we will be working together to create a new and stronger regulator that will enhance market confidence in the 14 GSEs by ensuring that their oversight is both robust and authoritative."
Lockhart appointed three Office of Federal housing Enterpirse Oversight and Federal Housing Board veterans to deputy director positions.
Lockhart said the action was completed in only 90 days, far less than the one year implementation time provided in the housing bill signed into law in July.
FHFA also announced today the establishment of the new agency's Web site, www.FHFA.GOV. The new site provides links to the existing OFHEO and FHFB sites. In the next few months, FHFA will complete the transfer of the content from those sites to the new FHFA site.