The Federal Housing and Finance Agency released its annual Accountability and Performance Report for the third quarter of 2021. The report details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2021.
The report focused on the agency’s three main goals, including: ensuring that the entities it oversees operate in a safe and sound manner; fostering liquid, stable and accessible national housing finance markets and strengthening the agency’s workforce and infrastructure.
The report also lists key challenges and priorities the FHFA is likely to face going forward. Among these concerns are climate and natural disaster risks; strengthening fair lending programs; promoting equitable access to housing and proposed rulemaking to amend the regulatory capital framework for Fannie and Freddie.
The FHFA stated it will release an updated plan in 2022 to reflect new priorities. Broadly speaking, the agency stated that its new goals include: ensuring that all Americans, especially those in underserved communities, have access to a fair, equitable and sustainable housing finance system; strengthening the safety and soundness of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks to protect the housing finance system; and protecting FHFA’s infrastructure.
“FHFA is responding to shortages in the overall housing supply by ensuring our regulated entities finance the existing affordable housing stock, enable homes in disrepair to be rehabilitated, and support the growth of our nation’s housing supply,” stated Acting Director of the FHFA, Sandra Thompson. “As these shortages contribute to worsening affordability, a key priority for our regulated entities will be to support affordable housing in a safe and sound manner.”
