Federal Housing Finance Board
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The Federal Housing Finance Board, also known by the abbreviation FHFB, is an independent agency of the U.S. 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. The FHFB provides regulatory oversight of the nation's Federal Home Loan Banks, or FHLB. The 12 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 board is headquartered in Washington, DC and is led by a five-member board. Four board members are 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 is entirely funded by fees assessed to Federal Home Bank Loans, and neither directly receives taxpayer funds.
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