On June 23, the U.S. Supreme Court announced a decision in Collins v. Yellen that found the structure of the Federal Housing Finance Agency (FHFA) to be unconstitutional. The decision rules that the director of the FHFA can be removed at will by the president. This overturns the current structure that allows the director to be removed before the end of their five-year term only for cause. Concurrently, the Supreme Court also dismissed claims that the FHFA exceeded its authority under federal law. Following the court’s ruling, the White House made the decision to remove Trump-appointed Mark Calabria and appoint Sandra Thompson as Acting Director. The Biden Administration has signaled it will not be in a hurry to privatize government sponsored Fannie Mae and Freddie Mae, dealing a blow to the investor community.