Federal Housing Finance Agency Mark Calabria told MBA members that the agency wants comments on a proposed rule that would require Fannie Mae and Freddie Mac to obtain approval for new products and notice before engaging in new activity. Speaking at the Mortgage Bankers Association’s Annual Convention and Expo 2020, Calabria said FHFA wants to determine whether new Fannie Mae and Freddie Mac activity aligns with the enterprises’ mission. The proposed rule, Prior Approval for Enterprise Products Proposed Rule, would replace the interim final rule on new product approval issued by FHFA in 2009. “Working closely with FHFA’s stakeholders has been a top priority of mine,” Calabria said at the MBA LIVE event. “The past seven months illustrate how important it is for FHFA to hear from market participants and consumers across the country. We welcome and need that feedback. Today, I am announcing to MBA Annual that FHFA is releasing a new rule that will ensure stakeholders and the public always have a formal opportunity to provide feedback when the Enterprises consider new products or lines of business.” This proposed rule should help FHFA enhance the safety and soundness of the secondary market, said Calabria.