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
Housing Finance
Jun 24, 2026
HUD Announces 14 Regulatory Changes to Help Lower Housing CostsThe U.S. Department of Housing and Urban Development announced 14 policy changes to its Federal Housing Administration (FHA) Single Family mortgage insurance program aimed at lowering costs, easing regulatory burdens, and improving affordability for Americans using FHA-insured mortgages.
Advocacy
Jun 24, 2026
NAHB Statement on President Trump Canceling Signing of Housing BillNAHB Chairman Bill Owens issued the following statement after President Trump canceled his plan to sign landmark housing legislation today.
Latest Economic News
Economics
Jun 24, 2026
Sawmill Output Slips as Capacity Continues to DeclineU.S. sawmill production fell in the first quarter, the second consecutive quarter of lower output according to the Federal Reserve G.17 Industrial Production report. Sawmill output has remained largely flat since 2023, after increasing in the post-pandemic period.
Economics
Jun 23, 2026
State-Level Employment Situation: May 2026State labor market conditions remained mixed in May, with payrolls expanding in many states while job losses were concentrated in a smaller group of states and the District of Columbia (D.C.). Construction employment also continued to grow nationwide, although performance varied considerably across states.
Economics
Jun 22, 2026
Structural Demand Outpacing Supply: Jobs-to-Permits Ratios Highlight Housing GapStrong labor market growth continued to put pressure on the nation’s housing supply in 2024, as home building activity did not fully keep pace with demand driven by job gains. Comparing net new jobs with prior-year permitting activity helps show whether the pace of housing construction is keeping up with potential household formation and broader economic growth.