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The Federal Housing Finance Agency is thinking about creating an independent review process of disputes between financial institutions and government-sponsored enterprises Fannie Mae and Freddie Mac over faulty loans, according to FHFA Office of the Director Special Adviser Bob Ryan.

Ryan spoke at a conference hosted by the Urban Institute on Friday, which was broadcast by C-SPAN2.

Ryan said the agency is looking at how an independent dispute resolution process could resolve the "back and forth" that occurs when GSEs want lenders to buy back faulty mortgages.

The disputes center around financial institutions being required to repurchase defective loans from the GSEs, after the lenders sold the bad loans to Fannie and Freddie during the run-up to the financial crisis.

Ryan also indicated that the FHFA is considering changes in how the GSEs auction off delinquent mortgages in order to help more borrowers stay in their homes.

Fannie and Freddie have been under FHFA conservatorship since 2008.