consists of a five-member board, including the Secretary of Housing and Urban Development, and is funded through assessments on the FHLBanks.(7) The board ensures that the FHLBanks carry out their housing finance mission, remain adequately capitalized, and are able to raise funds in the capital market.
reported the decline in the average price was $10,685 or 3.49 percent--from $306,258 in October 2006 to $295,573 in October 2007.
Due to these statutes and FHFB
rulemaking, the FHLBank System has evolved substantially since 1990.
(11.) Federal Housing Finance Board, Federal Home Loan Bank System 1999 Financial Report (FHFB
, 2000), p.
Retsinas also served on the boards of the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Board (FHFB
) and the Neighborhood Reinvestment Corporation (NRC).
In addition, the Federal Housing Finance Board (FHFB
), the System's financial regulator, is analyzing the benefits and costs of potential changes to the System's membership rules that would make it easier for financial institutions to join multiple FHLBank districts (referred to as multidistrict membership).
See Federal Housing Finance Board, "Effect of Federal Home Loan Bank System District Banks on the Housing Finance System in Rural Areas" (FHFB
, April 23, 1993).
Other measures of home prices, such as the Census Bureau median price of new homes and the Federal Housing Finance Board (FHFB
) average home prices, also showed some year-over-year declines in 2006.
Responding to concern about the methods used for administrative decisionmaking, and the ability of the Federal Housing Finance Board (FHFB
) to fulfill its critical mission to regulate the safety and soundness of the System, GAO was asked to (1) compare the FHFB
chair's administrative authorities with those of other financial regulators and discuss the basis for that authority, (2) assess FHFB
's compliance with selected statutes and regulations in connection with an August 2002 reduction-in-force (RIF) carried out as part of an agency reorganization, and (3) assess FHFB
's progress in enhancing its FHLBank safety and soundness examination program.
reported a decline in the average home price of $501 or 0.16 percent from $306,759 in October 2005 to $306,258 in October 2006.
The maximum adjustment is based on the change in the national single-family loan price as determined by the Federal Housing Finance Board (FHFB
) from its Monthly Interest Rate Survey (MIRS).
The new regulatory body should replace the current GSE regulator--the Office of Federal Housing Enterprise Oversight (OFHEO)--and the FHLBank regulator--the Federal Housing Finance Board (FHFB