The Federal Housing Finance Agency is creating specialized risk teams to participate in the examinations of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as part of a major overhaul of the entire agency.
The GSE regulator also is hiring experienced examiners as well as policy analysts, financial analysts, accountants and economists as part of the restructuring plan. "Changes in the supervision program structure will promote greater uniformity and consistency in examinations" of the government sponsored enterprises, the agency said in a statement.
FHFA acting director Edward DeMarco is restructuring the Division of Housing Mission and Goals, a unit he oversaw before his appointment by President Obama to be the acting director of the agency.
DHMG will be divided into four offices: 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. However, FHFA is hiring an assistant deputy director to manage the Division of Housing Mission and Goals on a daily basis.
Meg Burns will head the Office of Housing and Regulatory Policy, which will be responsible for policy and regulatory initiatives involving single-family and multifamily finance. She previously served at the Federal Housing Administration and currently is a senior official in FHFA's congressional affairs and communications office.
Stephen Cross will continue to serve as acting chief operating officer 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. This division is hiring what FHFA calls "examiners-in-charge."
DeMarco has appointed Mike Powers, a veteran regulator and banker, to be FHFA's first ombudsman. He will address complaints regarding the agency actions and decisions. "FHFA plans to have the new structure in place by the end of the first quarter," the agency said.
