The GSE accounting scandals constituted a rude awakening for OFHEO
In their objections to the Home Value Protection Program, the Comptroller of the Currency, the Board of Governors of the Federal Reserve, the Office of Thrift Supervision, the National Credit Union Association, and nine banking professional associations stated that the OFHEO
and the New York Attorney General's Office failed to follow the requirements of the Administrative Procedure Act in a proposal regulating interstate commerce.
This article begins by providing a complete background to the HVCC, including a discussion of how it came about, why the OFHEO
was involved, and what the HVCC's provisions actually entail.
The court ended up imposing sanctions on OFHEO
for its discovery failures.
Inspection of the house price dynamics in these tiers indicates that they indeed differ from the composite measure, suggesting that, for our purposes, measurement error using the OFHEO
index is likely nontrivial.
18) In other words, according to OFHEO
, the GSEs had
The main OFHEO
home price index, referred to simply as the "House Price Index" (HPI), is based on all paired transactions for single-family homes in the combined Fannie and Freddie database.
NAA/NMHC urged OFHEO
to grant a temporary increase in the caps to allow the GSEs to provide necessary liquidity to the rental housing market.
HPI uses price data collected by Fannie Mae and Freddie Mac each time they purchase a mortgage on a single-family home.
The Case-Shiller, OFHEO
, and NAR indices differ in fundamental ways.
Lockhart III, the director of OFHEO
since last June, may be just that type of regulator.
House Price Index tracks average house price changes in repeat sales or refinancings of the same single-family properties, based on analysis of data obtained from Fannie Mae and Freddie Mac on more than 31 million repeat transactions over the past 31 years.