Now that there is clarity around the structure of the FHFA, and as the president considers installing a new permanent director, an opportunity arises for the next evolution in housing finance policy. But success for either Acting Director Sandra Thompson — who, by all accounts, will bring a steady hand — and whomever comes next, will rely on steady leadership and a willingness to learn from dynamics of the past.

Katten examines the impacts of the U.S. Supreme Court’s June 23, 2021 ruling in Collins v. Yellen that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional.

In an op-ed for the Financial Times, SFA CEO Michael Bright warns, “Only Congress has the power to ensure an economically neutral outcome without years of court wrangling and confusion. Federal legislation for all Libor-based contracts is the best way to end this saga once and for all.”