Letter to Sandra Thompson on her Confirmation as FHFA Director

The Honorable Sandra Thompson
Director
Federal Housing Finance Agency
400 7th Street, SW
Washington, DC 20024

Dear Director Thompson

Congratulations on your confirmation as Director of the Federal Housing Finance Agency. The American Bankers Association (ABA) and bankers from across the nation appreciate your willingness to serve in thisimportant role and welcome the opportunity to work with you on our shared goals of promoting a vibrant and resilient housing finance system and the expansion of affordable housing finance options for all,especially minority and underserved borrowers.

ABA represents banks of all sizes, charters, and business models across the country. During the COVID-19 pandemic, America’s banks and their two million employees supported their individual and businesscustomers alongside efforts from the federal government, including important efforts by FHFA to ensure that the pandemic did not result in displacement of mortgage borrowers and renters.

Our members are working to support the mortgage market, revitalize neighborhoods, and drive inclusivegrowth, even as they prudently prepare for the economic headwinds that lie ahead. The policy solutions we support are those that we believe promote financial stability, economic growth, and the success ofconsumers, small businesses and communities.

I have enjoyed our past conversations and look forward to working with you on many others, including the ongoing resolution of the conservatorships of Fannie Mae and Freddie Mac, ensuring the safety and stability of the Federal Home Loan Banks, addressing the problems plaguing the nation’s appraisal system, modernization of the credit scoring models to expand the scope of eligible borrowers, and other efforts toexpand fair and equitable housing opportunities for minority and underserved borrowers.

As you know from your past interactions with us, ABA has several working groups and committees focused on these and other issues of importance to the mortgage markets. Our members and staff experts wouldwelcome further engagement with you and FHFA staff and stand ready to assist in ensuring a safe, strong, and equitable mortgage finance system for all.

We wish you much success in your tenure as Director and look forward to working with you.

Respectfully,

Rob Nichols