FHFA Director Mark Calabria was shown the door by the Biden administration mere hours after the Supreme Court's ruling in Collins v. Yellen.
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Hello, LOs!
What a week it has been in the world of housing finance!
FHFA Director Mark Calabria was shown the door by the Biden administration mere hours after the Supreme Court's ruling in Collins v. Yellen. Sandra Thompson took over as Acting Director, and sources in the Beltway say she is on the short list to take over the job in a permanent capacity. The other high-level personnel changes yesterday involving Julia Gordon at the FHA and Dave Uejio at HUD also suggest that Rohit Chopra will be confirmed as the new CFPB chief. (I suspect all of this maneuvering is directly tied to the infrastructure bill.)
While I think it's unlikely that the Biden White House has any plans to begin the process of removing Fannie Mae and Freddie Mac from conservatorship, I could see a new FHFA director making smaller reforms. Biden has talked quite a bit about making homeownership more achievable in America – especially for minorities – and the best way to do that is through the GSEs.
I'm curious to hear what you, as LOs, would like to see change at the GSEs. Are there specific rules you'd like to see removed? New policies put in place to spur more homeownership while keeping risk relatively low?
The Community Home Lenders Association sent a letter on Wednesday to Thompson and Treasury Secretary Janet Yelling asking that the 7% cap on investor loans and second mortgages be removed. The 50 bps adverse market fee is also a frustration for LOs and lenders.
So, as LOs, what specifically would you like to see the FHFA change? While we're at it, anything you'd like to see change at the CFPB? Shoot me a message anonymously at jkleimann@housingwire.com.
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Acting CFPB Director Dave Uejio was nominated to be an assistant secretary of HUD. The nomination suggests the Biden administration may have the Senate votes to finally confirm Rohit Chopra as director.
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