The Senate Banking Committee held a nomination hearing this week spotlighting Mark Calabria, the Trump Administration’s nominee to be the next Director of the Federal Housing Finance Agency (FHFA). The majority of the questions during the hearing focused on single family issues, Calabria’s past criticisms of the GSEs, the 30-year mortgage and housing affordability. Further, Senators were anxious to know what administrative steps he might take as the new Director that could affect these issues.
During the hearing, Senator Mark Warner (D-VA) sought to get Calabria on record regarding the excellent performance of the multifamily’s agency footprint versus single family. In response to Senator Warner’s question, Calabria acknowledged that the multifamily portfolios “seemed to have performed well during the economic crisis since they were much better underwritten and he didn’t believe we need the same sort of changes on the multifamily side of the GSEs as single-family.”
If confirmed as the FHFA new Director, Calabria will play a prominent role on any legislative and administrative housing finance reforms. Following the hearing, NMHC/NAA sent a letter to the Committee supporting the approval of Calabria as the next FHFA Director.
To learn more about GSEs and Housing Finance Reform, please visit our advocacy page.