On August 29, three Democratic senators submitted a letter to FHFA Director Bill Pulte to urge him to prioritize lowering housing costs and expanding access to affordable homeownership. The letter — signed by Sens. Elizabeth Warren (D-MA), Chuck Schumer (D-NY), and Cory Booker (D-NJ) — criticized the FHFA’s recent focus on Fed personnel issues and called for a shift in focus towards addressing the worsening housing crisis.

The senators outlined eight policy recommendations, including pausing efforts to reprivatize Fannie Mae and Freddie Mac, increasing support for affordable housing goals, and expanding lending for affordable multifamily construction and rehabilitation. They also called for the FHFA to support lending models that preserve long-term affordability, reinstate fair housing and fair lending initiatives, implement tenant protections, and transition to a “bi-merge credit reporting” system to reduce costs for borrowers and lenders.

Additionally, the letter urged the FHFA to work with Congress to increase FHL Banks’ Affordable Housing Program investments, noting that a higher statutory minimum contribution would significantly boost engagement in affordable housing activities. The senators emphasized that while the most households on record are paying over 30 percent of their incomes on rent, homelessness continues to rise and the median ages of first-time and repeat homebuyers are at historic highs. The senators called on Director Pulte to take “meaningful actions” to make housing more affordable and deliver emergency price relief for American families.