Calabria Confirmed as FHFA Director

The Senate yesterday confirmed Dr. Mark Calabria to serve as director of the Federal Housing Finance Agency (FHFA). He will serve a five-year term.

“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.”

Calabria testified before the Senate Banking Committee Feb. 14. CUNA sent a letter to the committee outlining its principles for housing finance reform in the secondary market.

He 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, which created the FHFA.