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Calabria calls for reform of mortgage finance system
In prepared remarks issued at yesterday’s Structured Finance Association Residential Mortgage Finance Symposium in New York City, FHFA Director Dr. Mark A. Calabria called for the reform of the mortgage finance system. He stated, “Today’s mortgage finance system poses significant risk not only to taxpayers, but also to borrowers, renters, homeowners, and our entire financial system. Yet, since 2008, mortgage finance reform has received much discussion but very little action.” He discussed the new Strategic Plan and Scorecard released in September by the Treasury and HUD which has the following objectives:
- Focus on their mission of fostering competitive, liquid, efficient, and resilient national housing finance markets.
- Operate in a safe and sound manner appropriate for entities in conservatorship.
- Prepare for their eventual exits from the conservatorships.
Calabria noted the new Strategic Plan and Scorecard are also focused on preparing for the transition from LIBOR to alternative reference rates.