Statement from Lydia Pope, President of the National Association of Realtors
NAREB APPLAUSES SANDRA THOMPSON’S CONFIRMATION AS FHFA DIRECTOR
— Lydia Pope, President of NAREB
WASHINGTON, DC, USA, May 26, 2022 /EINPresswire.com/ — WASHINGTON – “The National Association of Realtors (NAREB) applauds the Senate confirmation of Sandra Thompson as Director of the Federal Housing Finance Agency (FHFA), which oversees GSE giants Fannie Mae and Freddie Mac, as well as other mortgage market entities. Thompson, who had been the chief oversight officer of the Federal Deposit Insurance Corporation, has been the acting director of the FHFA for nearly a year.
“Thompson takes over at a critical time for African American families and individuals across the country who want to become homeowners. Black homeownership has fallen nearly 20% since 2008. Last year, the gap between black (44.6%) and white (74.2%) homeownership was the largest since 1890. New policies and practices are urgently needed to address the legacy of housing discrimination that continues to dim the hopes and dreams of families fighting over property.
“As interim manager, Thompson has achieved significant milestones. She negotiated a data-sharing agreement with HUD, allowed positive rent payment histories to be part of Fannie Mae’s mortgage appraisal process, and set affordability goals for Fannie and Freddie. But more is needed. Thompson must become a strong advocate for expanding homeownership and improving the lending environment so that more families of color can benefit from the American Dream of homeownership.
“His leadership can help push Congress and the administration to:
• Adopt a down payment assistance program, like the one adopted by the Chamber.
• Raise the disproportionate burden of student debt on minorities.
• Create a consistent, user-friendly method of calculating student loan debt for mortgage applicants.
• End evaluation bias in communities of color.
• Address Loan Level Pricing Adjustments (LLPAs) that disproportionately add fees to mortgages and private mortgage insurance premiums after loans are approved.
“NAREB looks forward to working with Director Thompson to ensure that people of color have equitable access to mortgages and can create intergenerational wealth that will boost future generations.”
(For print or broadcast interviews with NAREB President Lydia Pope or for more information on the campaign, contact Michael Frisby, [email protected]/202-625-4328.)
ABOUT THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS
NAREB was established in 1947 to ensure the right to equal housing opportunity regardless of race, creed or color. NAREB has advocated for legislation and supported or initiated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans. Simultaneously, NAREB advocates and promotes access to business opportunities for Black real estate professionals in each of the real estate disciplines.
Michael K. Frisby
Frisby & Associates
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