Former officials from Federal Housing Enterprise Oversight (OFHEO) and its successor agency in 2008, the Federal Housing Finance Agency (FHFA), talked about their oversight of Fannie Mae. Armando Falcon in his opening statement said that there was failure of leadership at Fannie Mae and Freddie Mac, leading to the housing market collapse. Commissioners asked about the lobbying activities of Fannie Mae and Freddie Mac officials throughout the hearing.

This was the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC). Congress formed the ten-member FCIC in May 2009 to examine the causes of the financial markets meltdown.