Mark Calabria Had Excellent Stewardship of Fannie, Freddie While at Federal Housing Finance Agency

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On news today that President Biden is replacing Trump appointee Mark Calabria as head of the Federal Housing Finance Agency (FHFA), which oversees government-sponsored enterprises Fannie Mae and Freddie Mac, CEI Senior Fellow John Berlau offered praise of Calabria’s biggest achievement in that post:

“Mark Calabria has served taxpayers and the housing market well in his oversight of the government-sponsored enterprises Fannie Mae and Freddie Mac. He halted and then — in collaboration with then Treasury Secretary Steve Mnuchin — reversed the Third Amendment ‘net worth sweep’ that left the GSEs stripped of capital and at risk of needing another massive taxpayer bailout. His ‘regulatory capital framework’ set a course for privatization of the GSEs and reduces their competitive advantages over private housing finance entities. His successor would do well to heed Calabria’s excellent stewardship of the GSEs.”