Federal Housing Finance Board

Pages405-408

FEDERAL HOUSING FINANCE BOARD

1625 I Street NW., Washington, DC 20006

Phone, 202-408-2500. Internet, www.fhfb.gov.

Board of Directors:

Chairman Ronald A. Rosenfeld

Members: Geoffrey S. Bacino, Alicia R. Castaneda, Allan I. Mendelowitz

Secretary of Housing and Urban Alphonso R. Jackson

Development, ex officio

Officials:

Inspector General Edward Kelley

General Counsel Neil R. Crowley, Acting

Director, Office of Supervision Stephen M. Cross

Director, Office of Management David A. Lee, Acting

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The Federal Housing Finance Board ensures the safety and soundness of the Federal Home Loan Banks, their access to the capital markets, and the fulfillment of their housing finance mission.

The Federal Housing Finance Board (Finance Board) was established by the Federal Home Loan Bank Act, as amended (12 U.S.C. 1421 et seq.), as an independent regulatory agency in the executive branch. The Finance Board succeeded the Federal Home Loan Bank Board.

The Finance Board is managed by a five-member Board of Directors. Four members are appointed by the President with the advice and consent of the Senate for 7-year terms; one of the four is designated as Chairperson. The Secretary of the Department of Housing and Urban Development is the fifth member and serves in an ex officio capacity.

The Finance Board supervises the 12 Federal Home Loan Banks to ensure that the Banks operate in a safe and sound manner, carry out their housing finance mission, and remain adequately capitalized and able to raise funds in the capital markets. Savings associations, commercial banks, savings banks, credit unions, insurance companies, and other institutions are eligible to become members of the Federal Home Loan Banks.

Federal Home Loan Banks

The Federal Home Loan Banks are privately capitalized government sponsored enterprises, created to stimulate mortgage finance and provide liquidity to credit markets. The Banks provide credit to members, including savings and loan associations, commercial banks, federally insured credit unions, and insurance companies, and nonmembers, principally housing finance agencies, for use in mortgage lending and related activities. They use short and long-term advances

(collateralized loans) to fund their lending activities and to maintain liquidity for their operations. Long-term advances may be used only to support residential housing finance and lending to small businesses, small...

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