The Federal Housing Finance Agency (FHFA) resides at the top of the federal government's housing finance regulatory hierarchy. Created in 2008, the FHFA oversees the housing finance institutions Fannie Mae, Freddie Mac, and 12 Federal Home Loan Banks (federal banks that fund housing and urban development projects). The FHFA examines the institutions' capital and assets, executive compensation, and also ensures that regulatory standards are maintained. Formed in the wake of the 2008 subprime mortgage crisis, the agency has more regulatory authority than its predecessors, the Office of Federal Housing Enterprise Oversight (OFHEO) and Federal Housing Finance Board (FHFB).