Calabria resigns after SCOTUS decision

Yesterday, the Supreme Court, in its Collins v. Yellen decision, followed its precedent in Seila Law LLC v. Consumer Financial Protection Bureau, declaring the provision in the Housing and Economic Recovery Act of 2008 making the Director of the Federal Housing Finance Agency subject to removal by the president only for cause to be unconstitutional. The SCOTUS decision allowed the president to remove Mark Calabria at will, and Calabria resigned, issuing a statement wishing his successor "all the best in fixing the remaining flaws of the housing finance system... "

Yesterday evening, the FHFA issued a press release announcing that the president has appointed Sandra L. Thompson as the Acting Director of the agency effective immediately. Ms. Thompson has served since March 2013 as Deputy Director of the Division of Housing Mission and Goals (DHMG). As the Deputy Director, Thompson oversaw FHFA’s housing and regulatory policy, capital policy, financial analysis, fair lending and all mission activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.