After the US Supreme Court ruled that the structure of the Federal Housing Finance Agency violates the separation of powers principles in the Constitution because it didn't allow the director to be fired by the president, the Biden Administration moved quickly to remove director Mark Calabria and named Sandra L. Thompson the acting director of FHFA effective immediately.
FHFA was created by the Housing and Economic Recovery Act (HERA) of 2008 to oversee Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. It is responsible for oversight of the $7.2 trillion mortgage finance market.
"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," Thompson said in a prepared statement. "I look forward to serving in this role at this crucial time."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
