The Federal Housing Finance Agency (FHFA) has announced that Kate Fulton will join FHFA as COO on May 26, 2020.
Fulton comes to FHFA from the Consumer Financial Protection Bureau (CFPB) where she currently serves as COO under Director Kathy Kraninger. She brings extensive experience in federal agency operations, including personnel law, administrative operations, information technology, and financial management. Over her seven years at CFPB, she has held progressively more responsible management roles, from Senior Advisor in the Division of Supervision, Enforcement, and Fair Lending to Deputy Chief of Staff under Director Richard Cordray and Acting Director Mick Mulvaney.
Prior to joining the Bureau, Fulton worked at the Department of Homeland Security, U.S. Customs and Border Protection and at a law firm representing federal employees. Fulton holds a J.D. from Boston University School of Law and a B.A. in Communications from the University of Maryland, College Park. She lives in Rockville, Maryland, with her husband and two children.
FHFA's acting Chief Operating Officer, Lawrence Stauffer, will help with the transition and continue to serve FHFA in his previous role as a Special Advisor in the Division of Resolutions.
The FHFA is currently dealing with the fallout of the COVID-19 crisis. Recently, the Agency reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage are not required to repay the missed payments in one lump sum.
“During this national health emergency, no one should be worried about losing their home," said Director Mark Calabria. “No lump sum is required at the end of a borrower's forbearance plan for Enterprise-backed mortgages. To help homeowners navigate the forbearance process, FHFA partnered with CFPB on the Borrower Protection Program to provide homeowners accurate information about forbearance and address concerns noted in some consumer complaints. While today's statement only covers Fannie Mae and Freddie Mac mortgages, I encourage all mortgage lenders to adopt a similar approach."