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Sandra Thompson confirmed as new FHFA director

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Inside the Beltway
Monday, June 6, 2022
In a narrow 49-46 Senate vote, Sandra Thompson was confirmed as the Federal Housing Finance Agency director, making her the first Black woman to hold the position. The vote was largely along partisan lines with a few Senators from each party abstaining.

In a statement from the Senate floor prior to the confirmation, Sen. Sherrod Brown (D-Ohio) urged his colleagues to vote in favor of Thompson’s nomination.

“I urge my colleagues to support Sandra Thompson’s historic nomination to be director of the Federal Housing Finance Agency. Ms. Thompson is an exceptional nominee with decades of experience in mortgage markets and federal financial regulation,” Brown said. “Ms. Thompson has proven she will work for and listen to lenders and consumers, and both sides of the aisle.”

Republican Senators maintained their opposition to Thompson, citing concerns about her role in operationalizing the administration’s new, expansive housing policies while serving as acting FHFA director.

Thompson has been serving as the acting director for nearly a year while awaiting Senate confirmation.

Prior to becoming FHFA acting director, Thompson served as deputy director of the Division of Housing Mission and Goals (DHMG). As the DHMG deputy director, Thompson oversaw FHFA’s housing and regulatory policy, capital policy, financial analysis, fair lending and all mission activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Prior to joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC), for more than 23 years in a variety of leadership positions, most recently as director, Division of Risk Management Supervision.

Industry trade groups have responded positively to Thompson’s confirmation.

Mortgage Bankers Association (MBA) President Bob Broeksmit said: “MBA applauds the confirmation of Sandra Thompson to continue leading the Federal Housing Finance Agency.

“Since being appointed Acting Director in June 2021, she has repeatedly demonstrated leadership, expertise, and a strong commitment to sound risk management principles while safely expanding access to mortgage credit and creating equitable and sustainable housing solutions for homeowners and renters.”

“The title insurance industry welcomes Director Thompson into her permanent role,” said American Land Title Association (ALTA) CEO Diane Tomb. “With more than four decades of experience in financial regulation and consumer protection, she is well suited to permanently lead the FHFA. ALTA looks forward to engaging with Director Thompson and the FHFA to ensure the continued strength of the GSEs and housing finance marketplace, particularly in providing title insurance to protect lender and consumer investment in real estate and providing homeownership opportunities for more Americans nationwide.”

“NAR applauds the U.S. Senate for confirming Sandra Thompson to lead FHFA,” said National Association of Realtors (NAR) President Leslie Rouda Smith. “Her experience will benefit the enterprises, homeowners, homebuyers and the mortgage financing ecosystem as a whole. Director Thompson’s confirmation comes at a time when the housing market and mortgage finance system face historic challenges, including critical questions related to housing affordability, accessibility, and inventory. We look forward to working with her and the entire FHFA to identify solutions that will secure the future of housing finance in America.”

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