Realtors® Urge FHFA Nominee to Prioritize Comprehensive, Bipartisan Housing Finance Reform

WASHINGTON (December 6, 2018) – This week, President Trump officially nominated Mark Calabria to head the Federal Housing Finance Agency, the entity tasked with overseeing Fannie Mae and Freddie Mac. Calabria currently serves as the chief economist for Vice President Mike Pence, and previously held a position as an economist for the National Association of Realtors® in Washington, D.C. If confirmed by the Senate, Calabria will succeed current FHFA Director Mel Watt, who has led the agency since 2014.

In a statement recognizing his nomination, NAR President John Smaby urged Calabria to focus on and pursue comprehensive, bipartisan housing finance reform should he received confirmation from the Senate.

"Mark Calabria has decades of experience in the housing industry, including time spent as an economist at the National Association of Realtors®. Should he earn confirmation from the Senate, a host of critical regulatory priorities await him at the Federal Housing Finance Agency heading into 2019.

“Most importantly, as policymakers in Washington work towards comprehensive housing finance reform, NAR will continue urging Congress, the White House and the FHFA to ensure any reforms of the secondary mortgage market will protect taxpayers and retain a deep and affordable market for all creditworthy Americans. Such reforms must protect an explicit government guarantee while maintaining a clear mission to secure a deep and liquid national mortgage market.

“Ultimately, NAR’s 1.3 million members believe a comprehensive, bipartisan housing finance approach is necessary to ensure a safe and vibrant housing market. NAR looks forward to working with new FHFA leadership to secure policies that promote the strength and long-term stability of America’s housing market.”