During testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Federal Housing Finance Agency Director Mark Calabria updated the committee on the steps the FHFA has taken to aid homeowners during the COVID-19 pandemic. In his testimony, he also revealed that there is still much work to be done when it comes to building capital for Fannie Mae and Freddie Mac, and continued to push for housing finance reforms.
"One of our top priorities has been to support renters and homeowners struggling to pay for housing because of COVID-19. To do this, FHFA has directed the Enterprises to put in place certain protections," said Calabria in his testimony during today's hearing, Oversight of Housing Regulators. "The Enterprises own or guarantee approximately $5.7 trillion in mortgages. That includes about 43 percent of multifamily units, which represents about 8.6 million households and more than half of single-family mortgages or about 28 million homeowners. FHFA’s policies apply to all single-family homeowners and multifamily property owners with an Enterprise-backed mortgage. In addition, FHFA’s policies also help to set workable standards for the entire market."