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NAR sent a letter to the Undersecretary of Domestic Finance, Nellie Liang, urging the Treasury to revisit changes to the Preferred Stock Purchase Agreements (PSPAs) and to move forward on Government Sponsored Enterprises (GSEs) reform.
In January, the Federal Finance Housing Agency (FHFA) and the U.S. Department of the Treasury agreed to amend the PSPAs to include several caps on lending volumes and to require the GSEs to follow the 2020 final enterprise capital rule and qualified mortgage (QM) rules. Both FHFA and the Treasury must agree to all changes in the PSPAs.
NAR objected to the changes in January and reiterated those concerns in person and in writing to Director Calabria and more recently to Director Thompson.
NAR met with Treasury staff, but not Treasury leadership. This letter voices similar concerns to the Treasury leadership along with NAR’s position on GSE reform in general and requests a meeting on the topic.