Trump Officially Nominates Mark Calabria To Lead FHFA
Calabria is currently serving as chief economist for Vice President Mike Pence.
Calabria had previously served as a senior aide on the Senate Banking Committee. He was also one of the lead drafters of the Housing and Economic Recovery Act of 2008. The Housing and Economic Recovery Act of 2008 created the FHFA.
Calabria served as deputy assistant secretary for regulatory affairs at HUD during President George W. Bush’s administration.
Calabria also held positions at Harvard’s Joint Center for Housing Studies. He has also held positions at the National Association of Home Builders and the National Association of Realtors.
Calabria has loads of housing experience. He has also been an outspoken critic about the FHFA. He famously posted a blog where he lays out the Mortgage Bankers Association’s plans for the future of Fannie Mae and Freddie Mac.
Calabria became famous when he called for the end of Fannie Mae and Freddie Mac conservatorships.
Rumors began to surface that Calabria would be the agency’s next leader earlier this week.
FHFA Director Mel Watt is set to depart in January. Watt also recently faced allegations of sexual harassment during his tenure.
Calabria’s nomination must still be approved by the Senate. However, he has an extensive background in housing, and a Republican majority in the Senate. So his nomination hearing should be a slamdunk unless he has skeletons in his closet.
And the housing industry is already preparing for Calabria to take over. The Mortgage Bankers Association expressed their support for his nomination.