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New housing agency announces its arrival
WASHINGTON (9/5/08)--The Federal Housing Finance Agency (FHFA), created under the Housing and Economic Recovery Act signed into law July 30, published a notice of “Establishment of a New Independent Agency” in the Federal Register. The document, signed Aug. 30 by FHFA Director James Lockhart, serves to provide formal notice to the public of the existence of the agency, as well as to set out its purpose and identify the chapter of the Code of Federal Regulations that it will employ for public dissemination of regulations, guidance and other publications. “FHFA was established to ensure that Fannie Mae, Freddie Mac and the Federal Home Loan Banks operate in a safe and sound manner,” Lockhart said in a release. “We are working quickly to set up the regulatory framework needed to make certain that their operations and activities foster liquid, efficient, competitive, and resilient national housing finance markets.” The release said the new entity is “making good progress” in integrating the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board and HUD mission and affordable housing programs. Lockhart was formerly the director of OFHEO. Use the resource link below to access the complete Federal Register document.
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