Biden Administration Removes Fannie, Freddie Overseer After Court Ruling - WSJ

The White House decision to replace Mark Calabria as head of the FHFA paves the way for President Biden to install his own appointee to oversee Fannie and Freddie, which are regulated by the agency and back roughly half of the $11 trillion mortgage market.

That’s too bad. I thought Mark did a pretty good job. Original term was set to expire in 3 years.

SCOUTS is right, though. President should have full authority over all Executive Branch employees.

In the run-up to the 2008 housing crisis, Fannie and Freddie got into trouble by taking on increasing risks, primarily to compete with Wall Street firms and later because lawmakers wanted them to support a weakening housing market.

Mark was also right to recapitalize and release Fannie and Freddie. 13 years of conservatorship is too much. The emergency is over, folks.

“A Biden-led FHFA will focus instead on how the GSEs can actually support the nation’s housing needs,” referring to the acronym for government-sponsored enterprises.

And we all see how well the brilliant government-owned student loan program has worked out! That $1.7T program is dwarfed by the $11T mortgage program that taxpayers guarantee.