President Biden nominates FHFA director

White House makes announcement

President Biden nominates FHFA director

President Biden plans to nominate Sandra Thompson as the head of the Federal Housing Finance Agency (FHFA) for a full term, the White House announced today.

If approved by the Senate, Thompson would serve a five-year term at the housing regulator, which oversees Fannie Mae and Freddie Mac – the two government enterprises that guarantee over $7 trillion in residential mortgages.

Thompson took on the interim role in June, when Biden fired Trump appointee Mark Calabria after the Supreme Court gave the president the authority to remove the FHFA’s director at will.

Read more: US Supreme Court makes FHFA decision

In September, rumors surfaced that Biden was considering  Mike Calhoun, president of the Center for Responsible Lending, to replace Thompson. However, Thompson’s allies, including House Financial Services chair Maxine Waters intervened and pressed the president to keep Thompson at the helm.

In a statement, Waters said: “Ms. Thompson has needed little time to show this nation how uniquely qualified she is to serve at the helm of FHFA. Her understanding of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks as government-sponsored enterprises (GSE) is undeniable.

“Her commitment to ensuring that the GSEs are both well capitalized and using their status to expand low-cost mortgage credit to all communities is illustrated in her actions,” she continued. “More importantly, her commitment to accountability and transparency will be invaluable to ensuring the GSEs are operating in the best interest of taxpayers.”

Waters also highlighted Thompson’s actions to make housing more affordable and close the racial homeownership gap.

“We will not find a more qualified, more dedicated, or more deserving public servant than Ms. Thompson to lead the FHFA at this moment in our nation’s history. Appointing Ms. Thompson as director of FHFA is an opportunity that should not be missed,” Waters said.