FHFA Considers Ombudsman to Field Complaints
The Federal Housing Finance Agency (FHFA) is looking to establish an Office of the Ombudsman. The FHFA is proposing a that would set up this division and also sets forth the authority and duty of the Ombudsman -- who will field complaints from Fannie Mae, Freddie Mac, the Federal Home Loan Banks, the Office of Finance, and any person that has a business relationship with a regulated entity or the Office of Finance. An Ombudsman serves as an independent intermediary and arbitrator in conflicts, and in this case is funded by the FHFA. The Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, requiring the Director of FHFA to establish an Office of Ombudsman. Comments must be received 30 days after publication in the Federal Register. Write to Jacob Gaffney. The author holds no relevant investments.