The Federal Housing Finance Agency (FHFA) announced a new office to implement its Strategic Plan for Fannie Mae and Freddie Mac Conservatorships and named the person who will head it.  Acting FHFA Director Edward J. DeMarco appointed Wanda I. DeLeo as Deputy Director of FHFA, responsible for the newly created Office of Strategic Initiatives.

The Plan which was sent to Congress is February established objectives and steps for FHFA to take to meet its obligations as conservator of the two government sponsored enterprises (GSEs).  Under the plan, the next phase of the conservatorship will require FHFA to:

  • Build a new infrastructure for the secondary mortgage market;
  • Contract in a gradually manner the GSEs dominant presence in the marketplace while simplifying and shrinking their operations; and
  • Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.

DeLeo is moving into her new role from one as Deputy Director of the FHFA's Division of Examination Programs and Support and has held other positions at the agency including as its Chief Accountant.  She will be the central point of contact for all matters related to the Strategic Plan with an immediate task to identify and organize key stakeholders, work streams and deliverables that flow from the plan.