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.
FHFA's strategic 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.
- Foster 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 discrimination."
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.