In Rich & Rob's interview with Mark Calabria on The Big Picture, the former FHFA Director offers his expert insights into the future of housing and finance policy. Calabria shares his unique perspective on the political landscape shaping housing finance reform, particularly regarding Fannie Mae and Freddie Mac's role in the mortgage market. Drawing from his tenure, he discusses the implications of potential policy changes and the increasing risks posed by the current structure of the government-sponsored enterprises (GSEs).

Calabria delves into how the upcoming 2024 election could influence housing policy, with both parties having distinct approaches to housing finance. He stresses the importance of removing Fannie Mae and Freddie Mac from conservatorship and addresses the growing financial risks within the GSEs, particularly in mortgage-backed securities (MBS) with high debt-to-income ratios. This conversation offers a deep dive into how future reforms could stabilize the housing market while balancing affordability and risk.