The Federal Housing Finance Agency (FHFA) was established by the Federal Housing and Reform Act of 2007 in order to regulate several government sponsored entities (GSE's), particularly Fannie Mae, Freddie Mac and the Federal Home Loan Bank (FHLB)

Please read about these GSE's, pick one, and discuss with the class how your choice impacts real estate finance. Pay particular attention to their underwriting standards, underwriting tools, and overall organization.