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
Business Management
Apr 20, 2026
More Young Adults Interested in the Construction Trades, but Challenges PersistA new study conducted by the National Association of Home Builders (NAHB) reveals that more young adults between the ages of 18 and 25 are interested in the construction trades but more work needs to be done to educate the public that there are increasing opportunities for rewarding, lucrative careers in the skilled trades.
Construction Statistics
Apr 17, 2026
Single-Family Permits Decline Sharply to Start 2026Residential construction activity began 2026 on a mixed note, with single-family permitting weakening significantly while multifamily activity remained relatively stable.
Latest Economic News
Economics
Apr 20, 2026
Construction Workforce Shifts: Fewer Tradesmen, More White-Collar JobsThe long-running shift in the construction labor force away from construction trades and toward management, business, and technical roles is ongoing and gaining momentum, according to NAHB’s analysis of the latest 2024 data from the American Community Survey (ACS).
Economics
Apr 17, 2026
Count of Second Homes Declines in 2024In 2024, the number of second homes in the U.S. was 6.2 million, accounting for 4.3% of the nation’s housing stock, according to NAHB estimates. This reflects a modest decline from 2022, when the number reached 6.5 million. This decline suggests some cooling following the pandemic-era surge in second home demand.
Economics
Apr 16, 2026
Young Adults Report More Interest in the Construction Trades: 2026 SurveyNAHB estimates the U.S. has a structural housing deficit of 1.2 million units. Among the myriad of headwinds home builders face trying to close that gap is the industry’s chronic shortage of workers in the construction trades.