In today’s episode of The Big Picture with Rich and Rob, former FHFA Director Mark Calabria returned to provide insights into the future of housing finance under the potential changes brought by the Trump administration. A key focus was on the timeline for Fannie Mae and Freddie Mac’s potential exit from conservatorship, with Calabria offering a nuanced view of what steps could expedite the process. He also explored strategies to mitigate market disruption, emphasizing a careful, phased approach to ensure stability and prevent sudden shifts in mortgage rates or housing affordability.

Calabria and the hosts delved into the politicization of the GSEs over the last 15 years, with conservatorship creating significant government involvement in what was intended as a private market. They discussed the rise of guarantee fees (g-fees) since the financial crisis and how these fees have become a substantial factor in mortgage pricing. Lastly, Calabria addressed the evolving role of the Federal Home Loan Banks, considering how they might support the housing finance system in the future. This episode offered listeners a thorough, expert-driven look at the complexities surrounding the future of Fannie Mae, Freddie Mac, and the broader U.S. housing finance landscape.