The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the

United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territo ...

. It was charged with ensuring the capital adequacy and financial safety and soundness of two

government sponsored enterprise A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the ...

s—the

Federal National Mortgage Association The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the Ne ...

(

Fannie Mae The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the N ...

) and the

Federal Home Loan Mortgage Corporation The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Federal Housing Enterprises Financial Safety and Soundness Act of 1992 The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (or FHEFSSA, , title XIII of the Housing and Community Development Act of 1992, , Oct. 28, 1992, , ''et seq.''). The Act established the Office of Federal Housing Enterprise ...

. OFHEO was managed by a director, appointed by the president and ratified by the Senate. The final director was

James B. Lockhart III James B. Lockhart III (born 1946) is an American U.S. Navy officer, business executive, and, since September 2009, Vice Chairman of WL Ross & Co. LLC, which manages $9 billion of private equity investments, a hedge fund and a Mortgage Recovery Fun ...

, assuming the position during a time of crisis as acting director April 28, 2006, when nominated, confirmed to the post on June 15, and sworn in June 26, 2006. The previous Director was Armando Falcon, Jr, confirmed September 29, 1999, and forced to resign February 4, 2003, over the release of critical oversight reportsTestimony of Armando Falcon, The Financial Crisis Inquiry Commission, April 9, 2010
/ref> However, the White House withdrew the nomination of his successor, and he served as director beyond the end of his term as provided by law. On July 30, 2008, the

Housing and Economic Recovery Act of 2008 The United States Housing and Economic Recovery Act of 2008 () (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in ne ...

combined OFHEO and the

Federal Housing Finance Board The Federal Housing Finance Board (FHFB) was an Independent agencies of the United States government, independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over management of ...

(FHFB) to form the new

Federal Housing Finance Agency The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), an ...

(FHFA). OHFEO director

oversaw the agency at its conception, but departed after less than a year. OFHEO also published the

house price index A house price index (HPI) measures the price changes of residential housing as a percentage change from some specific start date (which has an HPI of 100). Methodologies commonly used to calculate an HPI are hedonic regression (HR), simple moving ...

References

External links

Office of Federal Housing Enterprise Oversight website

Office of Federal Housing Enterprise Oversight
in the

Federal Register The ''Federal Register'' (FR or sometimes Fed. Reg.) is the official journal of the federal government of the United States that contains government agency rules, proposed rules, and public notices. It is published every weekday, except on feder ...

United States Department of Housing and Urban Development agencies Government agencies established in 1992 Defunct agencies of the United States government Organizations disestablished in 2008 {{US-gov-stub

See also

References

External links