Calabria pushes pedal on GSE reform before Biden takes office

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Calabria pushes pedal on GSE reform before Biden takes office

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Mark A. Calabria, Ph.D., Director, Federal Housing Finance Agency testifies during a hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs entitled "Housing Finance Reform: Next Steps" on Capitol Hill in Washington, DC on Tuesday, September 10, 2019. Credit: Ron Sachs / CNP/Sipa USA | CNP/SIPA USA/PA Images

The Federal Housing Finance Agency (FHFA) issued its final capital rule on Wednesday, mandating more capital for Fannie Mae and Freddie Mac to ensure they exit conservatorship on a ‘sound capital footing’. The agency’s progress towards privatisation could be limited by the likelihood that President-elect Joe Biden will switch out FHFA boss Mark Calabria for a Democratic pick.

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