Federal Housing Enterprises Financial Safety and Soundness Act of 1992

The Act modernized the regulatory oversight of Fannie Mae and Freddie Mac. It created the Office of Federal Housing Enterprise Oversight (“OFHEO”) as a new regulatory office within HUD with the responsibility to “ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely.” OFHEO was funded by assessments on Fannie Mae and Freddie Mac. The Act established risk-based and minimum capital standards for Fannie Mae and Freddie Mac and established HUD-imposed housing goals for financing of affordable housing, housing in central cities, and other rural areas.