[Op-ed] Perhaps no one rejoiced more than mortgage compliance officers at the change in leadership and tone (no more “regulation by enforcement”) at the CFPB. However, before you break out the Champagne, consider that regulators in trend-setting states like California, New York, and others now see a need to ramp up efforts to fill a perceived gap.
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.