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The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.
President Biden’s decision to replace Mark Calabria came hours after the Supreme Court overturned a provision that prohibited the president from firing the FHFA director at will.
Thompson stated, “I am honored that President Biden has designated me to be Acting Director of the Federal Housing Finance Agency until a permanent Director is confirmed. I look forward to serving in this role at this crucial time. As a longtime regulator, I am committed to making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner. We can accomplish this, and at the same time have a laser focus on mission and community investment. There is a widespread lack of affordable housing and access to credit, especially in communities of color. It is FHFA’s duty through our regulated entities to ensure that all Americans have equal access to safe, decent, and affordable housing.”
Since 2013, Thompson served as deputy director of the Division of Housing Mission and Goals (DHMG). As deputy director, Thompson oversaw the FHFA’s housing and regulatory policy, capital policy, financial analysis, and fair lending, including all mission activities for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Prior to joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC) for more than 23 years in a variety of leadership positions. Her most recent position was director of the Division of Risk Management Supervision. While working for the FDIC, Thompson led the agency’s examination and enforcement program for risk management and consumer protection at the height of the 2008 housing crisis. She also led the FDIC’s outreach initiatives at a time when there was little consumer confidence in the banking system. Her experiences range from supervision to consumer protections, outreach, and risk management.
The FHFA is responsible for oversight of the $7.2 trillion mortgage finance market. The institution was created by the Housing and Economic Recovery Act (HERA) of 2008 to oversee Fannie Mae, Freddie Mac, and the Federal Loan Bank System.
To read Sandra L. Thompson’s entire statement, visit the FHFA website.
Update (06/24): Mortgage Bankers Association president and CEO, Bob Broeksmit, stated, "MBA congratulates Sandra Thompson on her appointment as the Acting Director of the Federal Housing Finance Agency. Her experience, expertise, and deep knowledge of housing finance will serve her well in this role. We fully agree with the Acting Director's stated goals of operating the regulated entities in a safe and sound manner while supporting their missions to increase the availability of affordable housing and extend access to credit." Read the full statement at mba.org.