In September 2019, the Fifth Circuit Court of Appeals, in an en banc opinion, ruled that the structure of the FHFA violated constitutional separation of powers because its director could not be removed by the president.

He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.

"[15] In the announcement, Lockhart indicated the following items in the plan of action for the conservatorship: The FHFA in 2011 filed suit first against UBS[16] then against 17 other financial institutions[17][18] accusing them of misrepresenting about $200 billion in mortgage-backed securities sold to Fannie Mae and Freddie Mac.

[36] In the Supreme Court case Collins v. Yellen, the Supreme Court ruled that, as they had in Seila Law LLC v. Consumer Financial Protection Bureau for the Consumer Financial Protection Bureau, that the inability for the President to terminate the FHFA director beyond "for cause" was unconstitutional, but otherwise left the agency's power as is.

[38][39] Brian M. Tomney was nominated by President Joe Biden and confirmed by the U.S. Senate to serve as Inspector General for the Federal Housing Finance Agency.

Laura S. Wertheimer was nominated as Inspector General of the Federal Housing Finance Agency by President Barack Obama and confirmed by the U.S. Senate on September 17, 2015.

[40] This followed calls from Republican Senators Chuck Grassley and Ron Johnson for her removal in the preceding weeks,[41] and a critical CIGIE report released on April 29, 2021.