The National Association of Realtors (NAR) praised the Senate’s decision to pave the way for acting Federal Housing Finance Agency (FHFA) Director Sandra Thompson to become the agency’s permanent leader, according to a NAR release.
Thompson had been acting director since June 2021. She previously served as the deputy director of the FHFA Division of Housing Mission and Goals since 2013.
The Senate confirmed Thompson May 25 in a 49 to 46 vote.
“Her experience will benefit the enterprises, homeowners, homebuyers and the mortgage financing ecosystem as a whole,” NAR President Leslie Rouda Smith said in a release. “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.”
The American Land Title Association (ALTA) also released a statement on the confirmation.
“The title insurance industry welcomes Director Thompson into her permanent role,” ALTA CEO Diane Tomb said. “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.”
Meanwhile, House Financial Services Committee Chair Maxine Waters (D-Calif.) noted Thompson will be the first Black woman to serve as FHFA director. “Our nation continues to face a worsening housing crisis that falls disproportionately on communities of color and threatens to lock future generations out of stable, equitable homeownership,” Waters said. “Now more than ever, it is imperative that we have an FHFA director who will work to find equitable and innovative solutions to expand access to homeownership and affordable housing for every community and prospective homebuyer.
“Ms. Thompson’s years' worth of experience in promoting access to mortgage credit nationwide and protecting the safety and soundness of the housing finance system demonstrates her unwavering commitment to ensuring that the government-sponsored enterprises are well capitalized and operate to expand low-cost mortgage credit to all communities. What’s more, Ms. Thompson’s experience working through several crises, including during the current pandemic, makes her well positioned to continue tackling our nation’s housing crisis head on. I look forward to continuing to work with Director Thompson to advance housing affordability, expand the dream of homeownership, and close the racial wealth gap in this country.”