The agency charged with overseeing the nation's two largest mortgage companies is downsizing its own real estate.
The ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA) said Monday that it is consolidating its three Washington, D.C. office locations into one.
[IMAGE] [COLUMN_BREAK]FHFA currently has employees in offices on G Street; Pennsylvania Ave.; and Eye St., Northwest, but plans to move all staff to a new central location at the Constitution Center at 400 Seventh St., Southwest. FHFA anticipates the move to begin in November 2011.
""This move will improve efficiency and will allow for expansion in, and greater integration of, our examination and supervisory personnel and programs,"" said FHFA Acting Director Edward J. DeMarco.
According to a statement from FHFA, the agency's procurement process has been ongoing for the past nine months. Constitution Center was selected after an extensive search and competitive bid process because ""it represents the best value to the government while providing the agency with sufficient space to consolidate operations from three locations,"" FHFA said.
FHFA, created by the Housing and Economic Recovery Act of 2008 at the time ""Fannie Mae"":http://www.fanniemae.com and ""Freddie Mac"":http://www.freddiemac.com were place under government control, merged the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board, and staff from HUD.