The Federal Housing Finance Agency (FHFA) is a U.S. government agency established in 2008 under the Housing and Economic Recovery Act to replace the Federal Housing Finance Board and oversee the Federal Home Loan Bank System, which includes housing-related Government-Sponsored Enterprises (GSEs) such as Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Freddie Mac is a government-sponsored entity that purchases residential mortgage loans in the secondary market to provide liquidity, stability, and affordability to the U.S. housing market.
HARP, launched by the Federal Housing Finance Agency (FHFA) in March 2009, aims to assist homeowners who are underwater on their mortgages with refinancing options to obtain more favorable loan terms.
Launched in March 2009 by the Federal Housing Finance Agency, the Home Affordable Refinance Program (HARP) was designed to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which assists homeowners at risk of foreclosure, HARP targets homeowners who are current on mortgage payments but cannot refinance due to declining home prices.
The Housing and Economic Recovery Act of 2008 (HERA) was significant legislation enacted to alleviate the subprime mortgage crisis by reforming housing-related Government-Sponsored Enterprises (GSEs) like Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Additionally, it enhanced federal oversight and offered various provisions to support homeowners and stabilize the housing market.
The Office of Federal Housing Enterprise Oversight (OFHEO) was an independent entity within the Department of Housing and Urban Development (HUD) responsible for ensuring the financial safety and soundness of Fannie Mae and Freddie Mac until it was replaced by the Federal Housing Finance Agency (FHFA) in 2008.
