Thompson ratified by a narrow vote
The US Senate has confirmed Sandra Thompson as director of the Federal Housing Finance Agency (FHFA) by a vote of 49-46.
The White House first appointed Thompson as FHFA’s acting director on June 23, 2021, with President Biden officially nominating her for the position six months later. Prior to this appointment, she was the deputy director of the Division of Housing Mission and Goals (DHMG).
The Mortgage Bankers Association (MBA) welcomed Thompson’s confirmation through a statement issued by president and CEO Bob Broeksmit, who commended her work of “safely expanding access to mortgage credit and creating equitable and sustainable housing solutions for homeowners and renters.”
“We look forward to continuing our important work with Director Thompson, FHFA, the GSEs, and other stakeholders to provide affordable housing opportunities for all Americans, while protecting taxpayers and ensuring a robust secondary mortgage market for single-family and multifamily lenders of all sizes and business models,” said Broeksmit.
Under Thompson’s leadership, FHFA has enacted several regulatory changes in the past few months. Last August, the agency overturned the controversial Adverse Market Refinance Fee (AMRF) that was instituted to recuperate projected losses caused by the COVID-19 pandemic.
“Santa Claus has come early for homeowners looking to refinance their mortgages,” said Bankrate chief financial analyst Greg McBride of FHFA’s decision last August. “Repealing this ill-conceived and misappropriated fee is a win for borrowers and lenders alike. Some of the savings will make it into the pockets of consumers, but how much the borrower sees will be dependent on shopping around for the best deal.”
