WASHINGTON–The Senate has confirmed Dr. Mark Calabria to serve as the director of the Federal Housing Finance Agency (FHFA).
Calabria, who will serve a five-year term, served as the chief economist to Vice President Mike Pence, and previously served as a senior aide on the Senate Banking Committee where he was one of the lead drafters of the Housing and Economic Recovery Act of 2008.
Calabria’s confirmation hearing took place at the same time as that of NCUA board nominees (now appointees) Todd Harper and Rodney Hood. He was the subject of intense questioning from senators, as housing reform and the conservatorship of government-sponsored enterprises Fannie Mae and Freddie Mac remain the subject of debate.
In a statement following Calabria’s confirmation, CUNA noted credit unions play an increasingly important role in the housing finance market and as a result have a vested interest in the ongoing stability of the secondary mortgage market that the next director of the FHFA will help oversee.
“We look forward to working with Director Calabria and the FHFA to ensure that the secondary market of the future continues to make it possible for credit union members to have access to responsible and affordable mortgage credit and appreciate his recognition of the importance of the 30 year, fixed-rate mortgage,” said CUNA President/CEO Jim Nussle. “We welcome the opportunity to further build upon and strengthen the existing partnerships between credit unions, the Government Sponsored Enterprises, and Federal Home Loan Banks.”
As CUToday.info reported earlier, CUNA sent letter to the Senate Banking Committee that outlines its principles for housing finance reform.
NAFCU Congratulates Calabria
NAFCU President and CEO Dan Berger offered his congratulations to Calabria.
"Dr. Calabria has a strong understanding of credit unions' needs in housing finance reform and NAFCU looks forward to continuing to work with him as he leads the FHFA," Berger said. "Our nation's housing finance system is in need of reform and we are confident Dr. Calabria has the necessary expertise and relationships to coordinate these efforts between the numerous stakeholders."