President Biden will move immediately to replace the director of the Federal Housing Finance Agency, Mark Calabria, an appointee of former President Trump with broad powers over mortgage giants Fannie Mae and Freddie Mac.
Fannie and Freddie shares cratered on the high court’s decision, with each plunging the most in intraday trading since 2013.Calabria is a libertarian economist who has long supported releasing Fannie and Freddie from federal control. He’s also sought to reduce the companies’ footprint in the mortgage market, arguing that the extent of their operations puts taxpayers at risk.
Among issues Wall Street will be focused on is whether a new FHFA head will make it easier for borrowers to refinance their loans — something that would have implications for investors in mortgage securities issued by Fannie and Freddie, said Ajay Rajadhyaksha, head of macro research at Barclays bank in New York. He signaled it would be a mistake for the Biden administration to dramatically overhaul housing policy because it’s such a crucial component of the U.S. economy.
Yep. Got to appoint the cronies.
So it begins.
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Source: latimes - 🏆 11. / 82 Read more »