FHFA, Treasury Suspending Certain Portions of 2021 Preferred Stock Purchase Agreements
The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) announced today they are suspending certain policy provisions added in January 2021 to the Preferred Stock Purchase Agreements (PSPAs) that govern Treasury’s support for Fannie Mae and Freddie Mac (the Enterprises).
NAHB, together with the American Bankers Association, the Mortgage Bankers Association and the National Association of Realtors®, sent a letter to Treasury and FHFA on Sept. 9, 2021 recommending the policy changes that we believe have caused -- or had the potential to cause -- disruptions to the housing market. The suspended provisions include limits on the Enterprises’ cash windows (loans acquired for cash consideration), multifamily lending, loans with higher risk characteristics, and second homes and investment properties.
The suspended provisions include limits on the Enterprises’ cash windows (loans acquired for cash consideration), multifamily lending, loans with higher risk characteristics, and second homes and investment properties.
The Enterprises will continue to build capital under the continuing provisions of the PSPAs. FHFA also continues to direct the Enterprises to operate in a safe and sound manner consistent with their statutory mission, and to foster resilient housing finance markets given prevailing housing market conditions, which include elevated demand relative to available inventory. Additionally, FHFA is reviewing the Enterprise Regulatory Capital Framework and expects to announce further action in the near future.
Latest from NAHBNow
Membership | Economics
Sep 11, 2026
Median Revenue Flat for NAHB Builder Members in 2025
According to the most recent NAHB member census, nearly two-fifths (38%) of NAHB Builder members earned between $1 million and $5 million in total revenue in 2025.
Education | Education at IBS
Sep 10, 2026
13 IBS Education Presentation Replays Now Available
To help industry professionals stay ahead of residential construction trends and bring actionable ideas to their businesses, NAHB is offering members exclusive access to the most valuable IBS Education sessions from the 2026 show.
Latest Economic News
Economics
Sep 10, 2026
Energy Prices Rise Again in August
Residential building material prices, excluding energy, rose 0.2% in August and were up 5.1% from a year ago. Energy prices rose sharply in August, as prices for energy inputs to residential construction rose 6.6% over the month.
Economics
Sep 09, 2026
Mortgage Applications Decline for Sixth Straight Month in August
Mortgage application activity continued to decline in August as elevated US treasury yields pushed mortgage rates higher. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 3.2% month-over-month in August on a seasonally adjusted basis, marking the sixth consecutive monthly decline.
Economics
Sep 09, 2026
Who Are NAHB’s Builder Members?
The National Association of Home Builders (NAHB) conducts an annual census to better understand the composition and characteristics of its members. In 2025, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers of modular/panelized/log homes.