September 14, 2021

Brown Statement on Biden Admin’s Pause of Trump-era Restrictions on Fannie Mae, Freddie Mac

Today, Sen. Sherrod Brown (D-OH) – Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – issued the following statement after the Federal Housing Finance Agency (FHFA) and the Department of Treasury’s release of letter agreements to suspend and review restrictions on Fannie Mae and Freddie Mac’s (the GSEs) business activities. The Trump Administration announced the restrictions in January 2021.

“In January, the Trump Administration rushed through haphazard changes impacting homeowners, renters, and the entire housing system,” Brown said. “I applaud Acting Director Thompson and Secretary Yellen’s decision to pause and review these changes so we do not unintentionally restrict access to safe, affordable housing for homeowners and renters.”

When the Trump Administration’s changes were announced, Senator Brown raised concerns that these significant changes rushed through with little input could have unintended consequences for homeowners, renters, and the entire housing system.