January 14, 2021

Brown Blasts Trump Administration’s Changes to GSE Legal Agreements on the Way Out the Door

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – presumed incoming chair of U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Trump Administration announced significant changes to the senior preferred stock purchase agreements (PSPAs), the legal agreements between the Treasury Department and Fannie Mae and Freddie Mac (the GSEs):

“At the 11th hour, the Trump administration has decided it’s time to jam through changes to the GSEs and leave it to President-elect Biden to deal with the consequences. Changes to our housing system, which affects every person in this country, deserves serious discussion – not a midnight agreement and press release on the way out the door,” said Brown.  “I look forward to working with President-elect Biden’s economic team to make sure that nothing stands in the way of our housing system providing safe, affordable housing for every family.”

Recently Brown, joined Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services in urging the administration not to make major changes to the housing system during the pandemic.