By CHUCK GREEN Back in 2008, Fannie Mae and Freddie Mac were in trouble. In fact, without government intervention, they faced imminent collapse, and on Sept. 6 of that year, both were placed in conservatorship by the director of the Federal Housing Finance Agency. With those conservatorships hitting their 15th anniversary, William Emmons, an adjunct…
By PATRICK LAVERY A new book providing insider insight into how millions of Americans were provided mortgage and rental assistance in response to the COVID-19 pandemic has been released. “Shelter from the Storm: How a COVID Mortgage Meltdown Was Averted” is by Cato Institute Senior Advisor Mark Calabria who was, at the outset of the…
President Biden will nominate Sandra Thompson to become the permanent director of the Federal Housing Finance Agency (FHFA), the White House announced in a statement on Tuesday. Thompson is the current acting head of the FHFA, having taken over the position in June when Biden replaced Mark Calabria. She would serve a five-year term after…
Mark Calabria wants to pull Fannie Mae and Freddie Mac from conservatorship by the time President Trump leaves office next month. Not so fast, says Rep. Maxine Waters. The chairwoman of the House Financial Services Committee sent Calabria a letter last week urging him to “fully engage with Congress, halt all efforts to raise the…
Federal Housing Finance Agency Director Mark Calabria is trying to pull Fannie Mae and Freddie Mac out of conservatorship before the Trump Administration ends on January 20, the Wall Street Journal reported. Mark Calabria, a libertarian economist who heads the Federal Housing Finance Agency, has made it a priority to return Fannie and Freddie to private…
The Federal Housing Finance Agency on Monday announced a new rule that would require Fannie Mae and Freddie Mac to provide advance notice to FHFA of new activities and obtain prior approval before launching new products. The rule, which was announced by FHFA Director Mark Calabria at the Mortgage Bankers Association’s annual meeting, “establishes revised…
Federal Housing Finance Agency Director Mark Calabria on Wednesday defended his agency’s much maligned “adverse market fee” that is designed to help cover losses at Fannie Mae and Freddie Mac as a result of the coronavirus pandemic. “Conservative estimates price COVID-19 related costs for the Enterprises at roughly $6 billion … (and) $4 billion is…
Federal Housing Finance Agency Director Mark Calabria on Monday warned Congress that Fannie Mae and Freddie Mac play a disproportionately large role in the housing market and are badly undercapitalized – creating significant risk to the nation’s economy. In a letter to the banking and housing chairs introducing FHFA’s annual report, Calabria urged Congress to…
By Jim Perskie Federal Housing Finance Agency Director Mark Calabria told Congress that forbearance rates in the United States are “manageable,” noting that the number of homeowners pausing mortgage payments has slowed considerably in recent weeks. In testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Calabria said that the…
By Jim Perskie Federal Housing Finance Agency Director Mark Calabria told Congress on Tuesday that he will submit legislative recommendations net week to strengthen the agency’s regulatory and supervisory authority “to fix structural flaws in our housing finance system.” Testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Calabria also stressed FHFA had…
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