FHFYAY

There’s A New Director Of The FHFA; What’s Going To Change?

Trump’s nominee for the Director of the Federal Housing Finance Agency (FHFA), Mark Calabria, is likely to be confirmed by the Senate. If confirmed, he’ll be overseeing the organization created in the wake of the subprime mortgage crisis of 2008 which is responsible for keeping stability and liquidity in the mortgage industry.

Mark Calabria was formerly an economist for the National Association of REALTORS® (NAR) and has worked in the housing industry for over a decade. One issue that was hotly debated in his confirmation hearing were 30-year loans. These loans have historically allowed less financially privileged buyers to secure financing to purchase homes, and Democrats probed Calabria’s intentions toward the offering. As FHFA Director, Calabria will also be responsible for the fate of Fannie Mae and Freddie Mac, Government-Supported Entities (GSEs) that have been in government conservatorship for the past 11 years.

The NAR has released a statement on Dr. Calabria’s confirmation here.