FHFA

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize borrowers of color.

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.

Homeowners still deferring payments on federally backed loans as of Feb. 28 will be permitted to request an additional three months of relief.

In a request for information, the agency sought feedback on how it should prioritize climate risks as part of its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.

The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks.

The proposal builds on guidance the agency gave to Fannie Mae and Freddie Mac earlier this year.

Treasury Secretary Steven Mnuchin has all but ruled out letting Fannie Mae and Freddie Mac exit U.S. control before he steps down, leaving it to the Biden administration to decide the fates of the mortgage giants.