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Mark Calabria, chief economist for Vice President Mike Pence, has been nominated to lead the Federal Housing Finance Agency (FHFA). Ensuring credit unions have unfettered access to the secondary mortgage market and fair pricing based on loan quality – not quantity – in any housing finance reform efforts remains a NAFCU priority.

"Mark Calabria possesses a unique combination of policy, regulatory and housing expertise, and his nomination to lead the FHFA is well deserved," said NAFCU President and CEO Dan Berger. "If confirmed by the Senate, NAFCU looks forward to working closely with Dr. Calabria to ensure a healthy, sustainable and viable secondary mortgage market. In our numerous meetings with Dr. Calabria, it is clear he has a firm understanding of credit union issues and of the important role the GSEs play in their mission.

"It is important that credit unions maintain unfettered access to the secondary mortgage market and receive fair pricing based on loan quality over volume in any housing finance reform effort. Dr. Calabria understands this, and we support his nomination."

If confirmed, Calabria would replace Mel Watt (whose term is up in January) and would serve a five-year term.

NAFCU staff met most recently with Calabria last week and again in September to discuss housing finance reform and credit unions' regulatory burden.

NAFCU has urged the administration and Congress to work together on a comprehensive solution to housing finance reform, and has argued that the continued conservatorship of the government-sponsored enterprises (GSEs) is unsustainable – a view shared by Calabria. Recently, NAFCU offered its support to the FHFA on two proposals to establish capital requirements for GSEs Fannie Mae and Freddie Mac, and to create and use a uniform mortgage-backed security (UMBS).

NAFCU has previously shared its core principles for housing financial reform that should be included in any final reform measures with Calabria, lawmakers and numerous officials in the Trump administration.