There’s bipartisan consensus that the conservatorships of Fannie Mae and Freddie Mac are unsustainable, but that may not be enough for lawmakers to upend the current system.
In remarks to credit unions, the Senate Banking Committee Chairman said that fixing the government-sponsored enterprises and data security were priorities.
As debate over the future of the mortgage finance system heats up, policymakers must ensure that small banks and credit unions maintain equitable access to the secondary market.
American Banker and National Mortgage News are offering an exclusive discussion of how policymakers may revamp Fannie Mae and Freddie Mac and what that will mean for mortgage lenders of all sizes.
Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.
The Mortgage Bankers Association, National Association of Realtors and 26 other groups warned the agency not to pursue steps reducing the scope of Fannie Mae and Freddie Mac that could upset the mortgage market.
Community banks and credit unions fear a Senate plan and other legislative ideas will nullify steps taken by Fannie Mae and Freddie Mac that have made it easier for smaller institutions to compete.
If confirmed to lead the Federal Housing Finance Agency, Mark Calabria would have a central role in any efforts to reform the government-sponsored enterprises Fannie Mae and Freddie Mac
The Senate Banking Committee's vote on Mark Calabria's nomination to lead FHFA comes in the midst of speculation about congressional and administrative GSE reform plans.
