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INVESTMENT GOVERNMENT PROPERTY PRESERVATION
Journal
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REP. HILL CALLS
FOR INCREASED
GSE OVERSIGHT
FROM FHFA
Rep. French Hill (AR-02), Ranking
Member of the Housing, Community
Development, and Insurance Subcommittee
on the House Financial Services Committee,
and nine other Republican committee
members, sent a letter to Federal Housing
Finance Agency (FHFA) Director Sandra
ompson urging oversight of Fannie Mae
and Freddie Mac activities.
In the letter, the 10 House Financial
Services Republicans write, "e Enterprises
[Fannie Mae and Freddie Mac] have a
history of venturing into new activities
and product offerings that go well beyond
their congressionally approved roles in the
secondary market. e FHFA must do more
to ensure there is appropriate transparency
regarding any new products or activities that
the Enterprises undertake and that these
activities do not displace private firms or crowd
out private capital."
e members continued, "erefore, we
strongly urge you to take one of your first
actions as the Director to finalize the long
overdue rulemaking on Prior Approval of
Enterprise Products, which was proposed
in October 2020 and would ensure there is
adequate oversight and transparency around
new products and activities the Enterprises
bring into the market."
ey conclude, "As the regulator and
conservator of the Enterprises, the FHFA
must conduct proper oversight of their
operation and ensure that all their activities
comply with their congressional charter. Pilot
programs should not be operating as back
doors for the Enterprises to expand into areas
already being served by the private sector or to
push a housing policy agenda that introduces
unacceptable risk to taxpayers."
