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

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.”