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Calabria: “FHFA Is Absolutely Necessary”

About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Calabria: “FHFA Is Absolutely Necessary” On Thursday, the Senate Banking Committee conducted a hearing on the nomination of Dr. Mark Calabria as Director of the Federal Housing Finance Agency(FHFA) along with the nominations of Bimal Patel, of Georgia, to be an Assistant Secretary of the Treasury; Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; and Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board.The Trump administration announced Calabria’s nomination to head the FHFA in December. He is currently the Chief Economist to Vice President Mike Pence. If confirmed, Calabria would have significant influence over the housing finance market at the FHFA.Opening the proceedings for the hearing, Sen. Mike Crapo, Chairman of the Banking Committee said, “FHFA can also play an important role in helping us move toward a more sustainable housing finance system facilitated by an engaged and strongly capitalized private sector.””All the nominees today, if confirmed, have the opportunity to improve American lives, they can make it easier for families to buy homes with mortgages,” said Ranking Member Sen. Sherrod Brown during his opening remarks.While his prepared remarks didn’t mention the current administration’s goal of the privatization of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, Calabria addressed these issues during his discussions with the Committee. Calabria said that if he was confirmed as Director of the FHFA his role would be to “carry out the clear intent of Congress, not impose my own vision.”Giving an outline of what his priorities would be if confirmed, Calabria said that a number of critical elements were needed in reform such as a “greater need for competition.” He said the current FHFA mandate was clearly where “the regulator cannot make such changes.” As a result, he said, “The very broad changes that have to happen in the mortgage finance system have to be done by Congress.”Calabria said that if he was confirmed as the FHFA Director his objective would be to ensure the GSEs were, “well capitalized, well managed, and well regulated.”He also clarified the reports on FHFA Acting Director Joseph Otting’s remarks on the privatization of the GSEs, saying that the remarks were made more to raise the morale of the staff at FHFA than anything else. “My read of what I believe he said was to convey a sense of urgency to the FHFA staff. What he referred to in the terms of me signing off was my longstanding loud support for housing finance reforms. I believe he was conveying to the staff through a pep talk that we will move forward,” Calabria said.Before his nomination for this post, Calabria told the committee that he was involved in conversations around December 2017 that allowed a $3 billion cushion for the GSEs and had supported the amendment of allowing a “modest capital buffer so that we would not have to force a draw, partly because of the impact of the tax reform or the deferred tax losses being held by the GSEs.”Addressing his views on the affordable housing goals Calabria said that his past concerns with affordable housing goals were in the context of “two large institutions with zero capital.” However, he added, “I do believe we can get to a spot where we can have risk-taking via affordable housing goals if we can have an appropriate regulatory structure that has capital backing those goals. I’m very concerned about any large financial institution where we push it to take an additional risk without the appropriate regulatory structure in place.”Clarifying his comments on getting rid of the GSEs in the past, he said that they were essentially pointed towards getting rid of the model of privatize gains and socialize losses. “I believe all large financial institutions need to be well capitalized more managed, more regulated, and I believe the GSEs were “none of the above” before the crisis. My concern is the fundamental model of the heads of Fannie and Freddie walk out with a lot of money while the rest of us get holding the bag. I want these entities to be good corporate citizens, I want them to be the model of how other corporation should want to behave.”Answering a question on the role of the FHFA if the housing market faced another crisis, Calabria said, that it was appropriate for the FHFA to offer assistance to affected borrowers and that “we should recognize and applaud the efforts of Ed DeMarco for the wide-based forbearance that was done by FHFA during the past crisis.” However, he stressed that the agency needed to “approach different borrowers differently” and that the mortgage market should set an expectation for those who can pay, should pay and “focus our efforts on those who can’t pay and need assistance.””FHFA is absolutely necessary,” Calabria said while answering a question on why he wanted to take up this job, despite his past remarks. “In fact, I want to raise the stature of FHFA. I remember how the employees at its predecessor felt and their inability to stand up and be able to do effective financial regulation. I’m committed to seeing turning FHFA into a world-class regulator.”He also gave his views on the 30-year fixed-rate mortgage saying that it was important to have the 30-year rate and that he intended to keep it that way.Click here to view the full testimony. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: Banking Senate Committee Fannie Mae FHFA Freddie Mac GSEs Homes HOUSING Mark Calabria The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago February 14, 2019 1,484 Views Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Government, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Banking Senate Committee Fannie Mae FHFA Freddie Mac GSEs Homes HOUSING Mark Calabria 2019-02-14 Radhika Ojha Previous: What Amazon’s NY Farewell Means for the Housing Market Next: Ask the Economist with Mark Boud  Print This Post Calabria: “FHFA Is Absolutely Necessary” read more

2 dead, 1 wounded in Florida shooting after funeral

first_imgkali9/iStock(RIVIERA BEACH, Fla.) — Two people were killed and another was wounded Saturday in a shooting that broke out after a funeral in Florida, officials said.The two victims who died at the scene were a 15-year-old boy and a 47-year-old man, according to the Riviera Beach Police Department. Police aren’t releasing the name of the juvenile, but the older victim was identified as Royce Freeman.Another woman, who also isn’t yet being identified, was shot and transported to St. Mary’s Medical Center, where she was treated for non-life-threatening injuries, authorities said.A fourth person with a gunshot wound who authorities initially thought was injured in the same shooting, because he arrived at a nearby hospital around the same time, actually had been shot elsewhere, police said in a later statement.The incident occurred across the street from the Victory City Church just after 2:30 p.m. local time in Riviera Beach, located in Palm Beach County.“The shooting was not a random act of violence. The victims and the shooters were known to each other,” A.J. Walker, a police spokesperson, said in an email to ABC News. “While the motive for the shooting is still being investigated, it is believed it was a result of a dispute between relatives of the deceased whose funeral had been held.”No arrests have been made, and police said the investigation is ongoing.The church’s senior pastor, Tywuante D. Lupoe, said in a statement on Facebook that the shooting did not involve any of the church members and took place across the street.“Let’s pray for the families that lost their loved ones today,” Lupoe said.Copyright © 2020, ABC Audio. All rights reserved.last_img read more