Congresswoman Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, Congressman Wm. Lacy Clay (D-MO), chair of the Subcommittee on Housing, Community Development and Insurance and Congressman Denny Heck (D-WA), sent a letter to Dr. Mark Calabria, director of the Federal Housing Finance Agency (FHFA), urging the agency to prioritize economic recovery amid the COVID-19 pandemic crisis by pausing a rulemaking that would set new capital requirements for Fannie Mae and Freddie Mac (collectively “the Enterprises”) until after the pandemic. The letter also urges FHFA to provide better analysis on how the rule would impact borrowers of color. In May, FHFA announced the 424-page rule that would establish a new, complex regulatory capital framework for the Enterprises.
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