Mark Calabria
@MarkCalabria
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PETRICHOR SERIES EL FITTING
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Nacho Cano
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#Dokkan9thAnniv
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性別変更
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Toyin Abraham
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納豆の日
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野球の時間
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手術なし
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Buket
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Nkrumah
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PRABOWOkerja CERDASterukur
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KitaKOMPAK KitaTANGGUH
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サマソニ
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女子トイレ
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ジェイド
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ロッキン
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ひたちなか
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रक्षा मंत्री
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舞元さん
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藤田菜七子
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One of the many great things about Gorsuch is his ability to articulate how it’s the little guy that gets regularly screwed by bureaucratic discretion
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Elizabeth Warren on school vouchers in 2003, politics can have a funny impact on people
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A big thank you to everyone that helped make this happen, I'm so humbled and grateful
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As a former regulator, I never once had to rely on Chevron, it’s actually not that hard to read the statutes and just simply follow the law
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The end of Chevron deference will make it slightly harder for special interests to dominate agency decision-making - a win for the common good
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The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles
http://t.co/ujWQYLPiFI
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Amazing that Hank Paulson admits his 2008 approach to GSEs was “against Congressional intent” - fancy way of saying illegal
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Thank you to everyone who came out this morning, so touched and honored by the support and encouragement
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Sandra Thompson is truly an outstanding public servant; a “regulator’s regulator” - I wish her the best and lots of luck
#FHFA
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The last two years have witnessed the largest increase in federal taxes collected in history - our “revenue problem” is that the govt takes too much
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Fannie, Freddie Conservatorship Exit Not Impacted by Virus; Mark Calabria: Video - Bloomberg
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It would be so refreshing to have a Treasury Secretary who believed poorly-managed banks should be allowed to fail & go out of business
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An issue discussed in my new book is how stuffing the banking system with MBS has left it more fragile
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Truly stunning how little the Biden administration seems to understand housing markets, almost everything they’ve proposed increases demand, ultimately doing little for housing affordability
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I’ve worked in Congress, I’ve run an agency…special interests have, on average, far more influence at agencies, Chevon deference enables agencies to ignore Congress, often to the benefit of special interests
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Americans Confused By System Of Government In Which Leader Would Resign After Making Terrible Decision via
@theonion
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Perhaps govt should stop luring kids into unsustainable loans…
Biden administration warns of 'historically large increase' in student loan defaults without debt forgiveness
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So honored by such kind words, serving on Team VP will always be highest honor of my life
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Best part of being sworn in last year...having mom there, couldn’t have gotten here without her
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Strikes me as weird that a body of academic work (Public Choice), a core component of which is industry capture/influence over legislation/regulation gets coded as “right wing”
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Reminder, there is zero need for Congress to do anything in order for GSEs to exit conservatorship - Congress has already acted
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Reminder that you can have housing be a great investment or have housing be affordable, you cannot have both, choose wisely
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As someone who has worked both as a Senate legislative Committee staffer & as an agency head/staff, the assertion that Congress isn’t capable enough to make policy, relative to agencies, is a deeply ignorant assertion
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Am I being nostalgic or was there once broad support on the Left for free speech, due process & civil liberties?
http://t.co/HfbNSBSuFk
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Charlie Cat sends along holiday greetings, he’s looking forward to an extra scoop of Christmas kibbles
#cats
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However lawless you suspect federal agencies might be, I can assure you from first hand observation, it’s a lot worse
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Never really one to save all my ticket stubs, still have a few...
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Look forward to working with Dr.Carson, in just a different capacity
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Scheduled to testify Tuesday morning along side Dr Carson, streaming here:
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#Rand
speaks more to problems facing minority communities in a few minutes than all other candidates (Dem included) combined
#GOPDebate
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@stevenmnuchin1
@FHFA
You’re welcome, and thank you Mr Secretary for the kind and supportive words
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As I discuss in my recent book, the net worth sweep of Fannie and Freddie was clearly inconsistent with responsibilities of a conservator
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Year ago today was my confirmation hearing...seems like yesterday
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You'll hear that reform/repeal of Dodd-Frank is a special interest giveaway, when the truth is Dodd-Frank was the special interest giveaway
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Anyone who thinks there's too much Econ 101 involved in federal policy-making has obviously never been involved in federal policy-making
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Recent NBER paper finds entire increase in college tuition since 1987 can be explained by changes in govt loans.
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Your occasional reminder that the same folks that wrote Dodd-Frank, wrote the TARP bank bailout, not a coincidence
#NoBailouts
#TBTF
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In case you missed my hearing this morning with Dr Carson |
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The pain now being felt in the housing market was largely avoidable, as there was no need to engineer a housing boom in 2020 or 2021
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Don’t let the fall of Chevron deference distract from the fact that there is a mountain of bad legislation that still needs to be repealed
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Once again we are told bank bailouts are needed to save Main Street.
They are not.
I faced the same choices during the pandemic.
I choose to help distressed households without having to bailout financial companies.
A 🧵…
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How about instead of asking Congress for more Wall Street bailouts, Yellen actually do her job and fix Fannie/Freddie
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All due respect to my friend Jim Lockhart, but Congress already decided…in 2008…there’s zero need for Congress to do anything to end the conservatorships, as we were working towards…
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Uber and Lyft Are Adding Jobs, Not Just Stealing Them - Bloomberg View
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One, among many things, that increased my cynicism, is that I had begun an investigation of Wall St underwriters, who may have cost Fannie/Freddie billions, when I left Biden Admin shut down investigation & tried to fire career staff working on it
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With a name like that, you know the food must be amazing
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Fannie & Freddie have limited capital, hence limited ability to support risk-taking, if the Biden Administration actually cared about homeownership, they’d stop wasting GSE capital supporting investors and second mortgages
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Reminder that just because a particular bailout happened in no way proves it was necessary
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Reminder, significant opposition to a GSE conservatorship exits comes from those on Wall Street who benefit from status quo - especially a belief that taxpayer remains on the hook
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Yes there are a number of issues that need to be addressed, at both GSEs & FHFA, before a conservatorship exit, but those can be done within 2 to 3 years & w/o Congress
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Seems like only yesterday I was regularly told GSEs exiting conservatorship would raise mortgage costs 🤷♂️
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I don't understand why holding both business & gov't accountable appears to be mutually exclusive for so many people
#TBTF
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Few things annoy me more than hacks who just parrot line that bank bailouts were needed just because Wall St & Fed said they were
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Did Banks Pay Fair Returns to Taxpayers on the Troubled Asset Relief Program? | Cato Institute
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some reporter should do a story on the prevalence of mortgage fraud (claiming primary residence on multiple mortgages) by members of Congress
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The current HELOC market works fine, there’s zero reason to do this, just irresponsible -> Proposal would allow Freddie Mac to acquire closed-end second mortgages
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Never underestimate the willingness of politicians to sacrifice due process/civil liberties in order to score a few political points
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Hanging out with Hazel, the Vice Presidential Feline, Cat of the United States
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Massive fiscal stimulus contributing to housing inflation. Biden solution? More fiscal stimulus 🤷🏻
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To my GSE shareholder friends, it is possible for you to have been screwed over & for the basic GSE model to be bad public policy.
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Just when I think Biden economic policy cannot get dumber, the response to housing inflation from Biden is…increase demand
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wait til she finds out how Fannie & Freddie set prices
Price fixing through an algorithm is still price fixing.
New
@FTC
&
@JusticeATR
brief argues that hotels fixing prices through algorithms can violate antitrust laws, even if hotels didn't directly communicate and retained some pricing discretion.
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A few pics from Tuesday’s HFSC hearing on mortgage reform
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Jupiter and Saturn meet in closest ‘great conjunction’ since 1623
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From my Senate experience, most delegations to agencies are not driven by a lack of expertise on the part of congressional staff, but rather from an unwillingness of politicians to make tough choices, especially involving trade-offs between constituenies
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Perhaps FHA wouldn’t have to come up with so many options for struggling borrowers, if it stopped putting them into toxic loans - Federal Housing Administration Launches New Option to Help Struggling Borrowers Keep Their Homes |
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If we eventually see real weakness in the job market, the explosion in high DTI (debt to income) mortgage lending will come back to haunt us - all driven by the federal government
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View from our rental for the next week - great to be back in Calabria Italy 🇮🇹
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Personally I don’t like seeing mortgage policy as part of any SOTU, as it’s already politicized enough, especially with loss of FHFA’s independence & efforts to use GSE conservatorships as policy vehicles
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FHFA director: Approximately 700,000 mortgage loans could need forbearance
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@T_Castelluccio
Agreed, conservatorships have completely corrupted agency and undermined safety and soundness mission
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Reminder: increasing housing demand, via looser credit, in the face of supply constraints, makes housing less affordable, not more
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Does
#Bernie
realize banking is far more concentrated in the socialist paradises of Europe?
#DemDebate
#Cato2016
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FDIC’s recent resolution paper is a good reminder that the objective of a resolution process (such as conservatorship) is an eventual EXIT
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Truly amazing how often I’m told 1) there’s no or little risk in mortgages; but 2) mortgages are too risky for anyone but government to bear the risk
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Thank you to everyone who reached out about my dad’s passing, the thoughts and prayers have meant a lot
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Greatest hits in financial stress-testing, Stiglitz arguing in 2002 that chance of a Fannie/Freddie failure was less than 1 in 500,000
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Dodd-Frank is basically a deal where in exchange for a permanent Wall Street backstop, the trial bar gets to go after Main Street lenders
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