Senate Democrats are trying to get Housing Secretary Scott Turner to explain his support for reprivatizing Fannie Mae and Freddie Mac — and how such a change would impact homebuyers.
In a letter obtained by NOTUS, ranking member of the Senate Banking, Housing, and Urban Affairs Committee Elizabeth Warren and Minority Leader Chuck Schumer asked Turner to clarify what role the Department of Housing and Urban Development would play in the process — the Federal Housing Finance Agency is the firms’ regulator, and the Treasury Department holds most of its common stock.
“Reprivatization of Fannie Mae and Freddie Mac threatens to raise the cost of mortgages and rent and make it even harder to access credit for purchasing a home. At a time when so many Americans are struggling with housing costs, we must ask why you are choosing as one of your first priorities a policy that only makes it harder for Americans to afford housing,” the senators wrote.