The door for Mark Calabria's exit was opened by Wednesday's Supreme Court ruling that made it clear the president has the authority to oust the Federal Housing Finance Agency director.
In addition to paving the way for Calabria’s removal, the Supreme Court also dealt a crushing blow to Fannie and Freddie shareholders who are challenging the government’s collection of more than $100 billion of the companies’ profits. The justices rejected claims that the FHFA exceeded its authority under federal law, leaving investors few options to get their hands on funds they’ve been seeking for years.
In a statement, Calabria said he respects the Supreme Court’s decision and wishes his successor all the best in fixing the remaining flaws of the U.S.’ housing finance system. Determining what to do with Fannie and Freddie is the last major policy decision remaining from the 2008 financial crisis. The companies got into trouble when the housing market tanked in the run up to the Great Recession, prompting the government to rescue them with $187.5 billion in taxpayer funds. The firms have since become profitable again, paying out billions of dollars in dividends to the Treasury.
Now do DeJoy.
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