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Monday, September 13, 2021 12:45:46 PM
President Biden to Tap Mike Calhoun for FHFA Director
September 13, 2021 - Dennis Hollier - dhollier@imfpubs.com
President Biden plans to name housing activist Mike Calhoun to be the next permanent director of the Federal Housing Finance Agency, according to multiple sources with knowledge of the matter.
As one source close to the action put it: "It's not done-done but it's close." He believes an official announcement could come sometime this week.
Calhoun, who currently serves as president of the Center for Responsible Lending, will replace Acting Director Sandra Thompson, who took over leadership of the agency in June after the Supreme Court ruled that the director works at the will of the president. That same day, the President fired Trump-appointee Mark Calabria, selecting Thompson, the deputy director of Housing Mission and Goals, as acting director.
Calhoun is a respected figure in housing finance and his name has been widely circulated as a possible choice for FHFA director. He’s also been a strong supporter of Fannie Mae and Freddie Mac, especially their roles in supporting affordable housing. In that sense, he’s very much in sync with the Biden administration’s housing priorities.
However, the CRL leader has also come out in favor of restructuring the enterprises as regulated utilities, and CRL itself has reportedly accepted funds from controversial sources, including John Paulson, a leading shareholder in the GSEs and one of the plaintiffs seeking to undo the net worth sweep and remove the enterprises from conservatorship.
September 13, 2021 - Dennis Hollier - dhollier@imfpubs.com
President Biden plans to name housing activist Mike Calhoun to be the next permanent director of the Federal Housing Finance Agency, according to multiple sources with knowledge of the matter.
As one source close to the action put it: "It's not done-done but it's close." He believes an official announcement could come sometime this week.
Calhoun, who currently serves as president of the Center for Responsible Lending, will replace Acting Director Sandra Thompson, who took over leadership of the agency in June after the Supreme Court ruled that the director works at the will of the president. That same day, the President fired Trump-appointee Mark Calabria, selecting Thompson, the deputy director of Housing Mission and Goals, as acting director.
Calhoun is a respected figure in housing finance and his name has been widely circulated as a possible choice for FHFA director. He’s also been a strong supporter of Fannie Mae and Freddie Mac, especially their roles in supporting affordable housing. In that sense, he’s very much in sync with the Biden administration’s housing priorities.
However, the CRL leader has also come out in favor of restructuring the enterprises as regulated utilities, and CRL itself has reportedly accepted funds from controversial sources, including John Paulson, a leading shareholder in the GSEs and one of the plaintiffs seeking to undo the net worth sweep and remove the enterprises from conservatorship.
