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FEDERALhearing transcript

Update on Federal Housing Finance Agency Oversight

Original title: SUSTAINABLE HOUSING FINANCE: AN UPDATE FROM THE DIRECTOR OF THE FEDERAL HOUSING FINANCE AGENCY

January 1, 2018

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The Frame

What this does

The hearing addresses the status of the Federal Housing Finance Agency's oversight of Fannie Mae and Freddie Mac, which manage approximately $5 trillion in mortgage assets and remain under government since the 2008 financial crisis.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Taxpayers

Taxpayers provided the funds for the 2008 bailout of the government-sponsored enterprises.

Fannie Mae and Freddie Mac

These entities are currently operating under government conservatorship overseen by the FHFA.

What changed

Last recorded activity January 1, 2018.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2017 House Financial Services Committee hearing featuring testimony from Melvin L. Watt, Director of the Federal Housing Finance Agency (FHFA). The hearing focused on the ongoing government oversight of Fannie Mae and Freddie Mac following the 2008 financial crisis.

Key Facts

  • The hearing took place on October 3, 2017, before the House Committee on Financial Services.
  • The FHFA oversees Fannie Mae, Freddie Mac, and eleven Federal Home Loan Banks.
  • Fannie Mae and Freddie Mac have been under government conservatorship for nine years as of the date of the hearing.
  • The GSEs (Fannie Mae and Freddie Mac) manage approximately $5 trillion in mortgage assets.
  • The committee received written responses to questions from Representatives Beatty, Hultgren, Loudermilk, and Stivers.
  • A letter from Doug Bibby, President of the National Multifamily Housing Council, was submitted for the record.

Why It Matters

The hearing addresses the status of the Federal Housing Finance Agency's oversight of Fannie Mae and Freddie Mac, which manage approximately $5 trillion in mortgage assets and remain under government since the 2008 financial crisis.

Frequently Asked Questions

What is the role of the Federal Housing Finance Agency (FHFA)?
The FHFA oversees Fannie Mae, Freddie Mac, and the eleven Federal Home Loan Banks.
How long have Fannie Mae and Freddie Mac been under government conservatorship?
As of the October 2017 hearing, they had been under for nine years.

News Coverage

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Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Long-term Conservatorship

The hearing highlights that nine years after the 2008 crisis, the GSEs remained under government control with little fundamental change to their structure.

Connected Entities

organizationFreddie MacGovernment-sponsored mortgage corporation under FHFA oversightMap →
organizationFederal Home Loan BanksEleven banks overseen by the FHFAMap →
personJeb HensarlingChairman of the House Committee on Financial ServicesMap →
organizationFannie MaeGovernment-sponsored mortgage corporation under FHFA oversightMap →
personMelvin L. WattDirector of the Federal Housing Finance Agency (FHFA)Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance60
    How much this matters to a regular citizen
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz10
    Current news / social attention level

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