In 2008, Fannie Mae and Freddie Mac (the GSEs) were put under “conservatorship,” or control of the federal government. The significant deterioration in the housing markets leading up to the 2007 – 2008 global financial crisis damaged each GSE’s financial condition and left them unable to fulfill their missions without government intervention.
The Federal Housing Finance Agency (FHFA) named Phyllis K. Fong acting inspector general (IG). Fong will continue to serve as the IG for the U.S. Department of Agriculture (USDA) while she serves as the acting FHFA IG.
As IG, Fong will be the senior official in the Office of Inspector General (OIG) responsible for audits, investigations and other oversight activities relating to FHFA’s programs and operations.