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The Federal Housing Finance Board (FHFB) was an independent agency of the United States government. Created by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 in the aftermath of the savings and loan crisis, the FHFB replaced the now-defunct Federal Home Loan Bank Board. On July 30, 2008, the Housing and Economic Recovery Act of 2008 combined the FHFB and the Office of Federal Housing Enterprise Oversight (OFHEO) to form the new Federal Housing Finance Agency (FHFA), and will cease its existence one year later, on July 30, 2009
The FHFB provided regulatory oversight of the nation's Federal Home Loan Banks (FHLBs). The twelve regional FHLBs are privately-held government sponsored enterprises that ensure the supply of funds to local lenders that, in turn, finance loans for home mortgages. The FHLBs are located in Atlanta, Boston, Chicago, Cincinnati, Dallas, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco, Seattle, and Topeka. Each bank serves a separate, non-overlapping district within the United States.
The FHFB was headquartered in Washington, D.C. and led by a five-member board. Four board members were appointed by the President for seven-year terms, and the fifth member is either the Secretary of Housing and Urban Development or the Secretary's designee.
The FHFB was entirely funded by fees assessed to Federal Home Bank Loans, and did not directly receive taxpayer funds.
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- This page was last modified on 25 October 2008, at 07:02.
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