President Biden plans to nominate Sandra Thompson to become the permanent director of the Federal Housing Finance Agency, tapping a career regulator to head the agency responsible for overseeing mortgage-finance giants Fannie Mae and Freddie Mac
WASHINGTON—President Biden plans to nominate Sandra Thompson to become the permanent director of the Federal Housing Finance Agency, the White House said, tapping a career regulator to head the agency responsible for overseeing mortgage-finance giants Fannie Mae and Freddie Mac.
Fannie and Freddie are central players in the market for home loans, buying mortgages from lenders and packaging them for issuance as securities that are guaranteed by the firms. The arrangement allows lenders to offer the popular 30-year fixed-rate mortgage. The administration is instead expected to use Fannie and Freddie to support its general affordable-housing goals and a push to close a racial homeownership gap. The white homeownership rate is at roughly 72%, while the rate is 42% and 48% for Black and Latino borrowers, respectively, according to the Urban Institute. Just 3% ofMs. Thompson has signaled that she believed Fannie and Freddie could better address the racial homeownership gap.
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