Sandra Thompson has been confirmed as director of the Federal Housing Finance Agency (FHFA) by a 49-46 Senate vote.
Thompson had been serving as acting director of the agency since last June, and prior to that she was deputy director of the Division of Housing Mission and Goals, overseeing FHFA’s housing and regulatory policy, capital policy, financial analysis, fair lending, and all mission activities for government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
The Senate vote, which largely followed along party lines, helps solidify the Biden administration’s housing team at a time when mortgage rates are rising and the affordable housing crisis grows. Earlier this month, Julia Gordon was confirmed as commissioner of the Federal Housing Administration.
While key Democrats cited Thompson’s experience and urged her confirmation, Republican leaders opposed her nomination. “As acting director, Ms. Thompson has increased risk-taking at the GSEs and reduced taxpayer protections in order to advance the administration’s radical housing policy,” said Senate Banking Committee ranking member Pat Toomey (R-Pa). “I could not vote to effectively ratify policies that have made a red-hot housing market even hotter, and take ownership of the bailouts and foreclosures that may follow.”
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