For 85 years, American families of modest means looked to the Federal Housing Administration for affordable mortgage loans to attain the dream of homeownership. But these homeowners, many of whom are minority and first-time homebuyers, now face a rude awakening. They will be saddled with years of excessive premium payments amounting to tens of thousands of dollars.
[Expert commentary] It is time to put to rest the straw man argument that groups in Washington that want to recapitalize the government sponsored enterprises or build a capital buffer want to "recap and release" the GSEs without reforms. Congress needs facts and a proper and correct reminder of history as they debate allowing too big to fail institutions to become GSEs and whether to have a capital buffer.
President Donald Trump appointed Calabria to take the helm of the FHFA on December 12, 2018. The Senate then officially confirmed Calabria in April by a vote of 52 to 44 as head of the agency. Since then, Calabria has not been silent on his plan to reform the FHFA and the entities it oversees – Fannie Mae and Freddie Mac.