Mark Calabria, Director of the Federal Housing Finance
Agency (FHFA) is stepping up his agency’s actions to spring Fannie Mae and
Freddie Mac (the GSEs) from their decades long federal receivership. Most
recently he called on the mortgage industry to give feedback on FHFA’s strategic
plan which includes steps to do so.
plan for fiscal years 2021 to 2024 lays out the framework for three key goals
over the next few years:
Ensure safe and sound regulated entities
through world-class supervision.
competitive, liquid, efficient, and resilient national housing finance markets.
Position the Agency as a model of
operational excellence by strengthening the workforce and infrastructure.
The third objective of goal 1 is to “Responsibly
end the conservatorship” of the GSEs. In his introduction to the plan, Calabria
said in addition to the GSEs’ obligation to prepare for autonomy, the FHFA must
plan for its own “post-conservatorship role as a world-class regulator.”
Calabria says the plan lays out some
actions FHFA has already accomplished. This includes the recent creation of the
Office of Equal Opportunity and Fairness with attorney Debra Chew as director. The
office is intended to elevate the importance of Equal Employment Opportunity
(EEO), Alternative Dispute Resolution, and anti-harassment functions within
FHFA and reaffirm FHFA’s commitment to a workplace free of harassment and
Calabria also praised his agencies
response to the pandemic. “Starting even before the national emergency
declaration,” he said, “FHFA had begun taking actions to support borrowers and
renters and ensure the proper functioning of the mortgage market.” He
called FHFA’s “swift and effective response” to the pandemic “a testament to
the Agency’s dedicated and hardworking employees.”
Industry stakeholders can submit
feedback on the plan on the agencies website
through Monday, October 5.