The ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA) is restructuring its safety and soundness and mission offices this week, including establishing an integrated supervision structure and a revamped housing mission and policy division.[IMAGE]
The agency says changes in the supervision program structure will promote greater uniformity and consistency in the examinations of ""Fannie Mae"":http://www.fanniemae.com, ""Freddie Mac"":http://www.freddiemac.com (the Enterprises), and the ""Federal Home Loan Banks"":http://www.fhlbanks.com/ (FHLBanks).
The new housing mission team will focus on policy matters involving the Enterprise conservatorships, including loss mitigation activities, public reporting on the activities of FHFA's regulated entities, affordable housing, the state of the secondary mortgage market, and Dodd-Frank-related activities.[COLUMN_BREAK]
""With these changes, we are building on the strengths of our Enterprise and Federal Home Loan Bank examination programs by integrating examination resources and standards,"" said acting director Edward J. DeMarco.
DeMarco continued, ""This integration and realignment of our supervision and examination resources, including the establishment of specialized risk teams for examinations of the Enterprises and the FHLBanks, and the creation of a dedicated housing mission and policy team will place the agency in a better position to monitor safety and soundness at each regulated entity and to provide critical support to the Financial Stability Oversight Council, Congress, and the administration on matters involving the country's housing finance system.""
The Division of Housing Mission and Goals (DHMG) will be divided into Housing and Regulatory Policy, Financial Analysis and Modeling, Systemic Risk and Market Surveillance, and Policy Analysis and Research. DeMarco remains the deputy director of DHMG.
Meg Burns will head the Office of Regulatory and Research, and Stephen Cross will continue to serve as acting COO and deputy director for the Division of FHLB Regulation.
Recruitment is under way for a new deputy director for Enterprise Regulation, which is responsible for the examinations of Fannie and Freddie.
Mike Powers, a veteran regulator and banker, will serve as FHFA's first ombudsman.