Former NAR Economist Calabria Nominated to Oversee FHFA
President Trump has nominated Mark Calabria to director of the Federal Housing Finance Agency for a term of five years.
Mark Calabria currently serves as chief economist to Vice President Pence and was director of financial regulation studies at the libertarian Cato Institute. The FHFA serves as conservator of the government-sponsored enterprises Fannie Mae and Freddie Mac. In a 2016 op-ed for American Banker, Calabria voiced support of overhauling Fannie and Freddie, and giving the private market a role.
“Having the government act as receiver for the two mortgage giants—instead of conservator—would have had many important benefits,” he wrote. “It would have restructured the GSEs without any taxpayer support, while allowing them to continue to support the mortgage market. Just as importantly, receivership would have transformed Fannie and Freddie into ‘clean’ companies, ready to be released back into the private market.”
Previously, Calabria served on the Senate Banking Committee where he was one of the lead drafters of the Housing and Economic Recovery Act of 2008 (HERA), which created the Federal Housing Finance Agency. He previously held a position as an economist for the National Association of Realtors®. If confirmed by the Senate, Calabria will succeed current FHFA Director Mel Watt, who has led the agency since 2014.