President Trump has nominated economist Mark Calabria to head the agency in charge of supervising government-sponsored mortgage loan buyers Fannie Mae and Freddie Mac. The nomination earned praise from CEI Senior Fellow John Berlau:
“The Competitive Enterprise Institute commends President Trump’s nomination of Mark Calabria to be the next director of the Federal Housing Finance Agency, which oversees the government-sponsored enterprises of Fannie Mae and Freddie Mac.
“Calabria has long been a perceptive critic of the GSEs, pointing out how they have caused market distortions that harmed the housing market and the economy as a whole. At the same time he has called for reducing the GSEs’ roles in housing, he has also made clear his belief that government cannot extinguish the contractual rights of the GSE’s private-sector shareholders, and that any government-led restructuring of the entities must respect these shareholders’ rights.
“We urge the U.S. Senate to move swiftly to confirm Mark Calabria, and we look forward to working with him on free-market solutions that reduce the government’s role in the housing sector and that remove barriers to a vibrant private market in housing finance.”
Related report: Fannie Mae and Freddie Mac Still Endanger U.S. Economy