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.

In today's episode of The Big Picture, Rich and Rob were joined by MBA President and CEO Bob Broeksmit, who provided a comprehensive update on the latest initiatives and priorities of the Mortgage Bankers Association (MBA). Broeksmit recapped highlights from the recent MBA Annual Convention, where issues like the proposed Trigger Leads Ban Bill and the MBA’s plea to modernize RESPA Section 8 took center stage. 

Broeksmit then shifted to discuss what a potential second Trump administration could mean for housing policy. He explored the likelihood of deregulation, bipartisan support for homebuilder assistance, and potential changes to the CFPB's direction that could impact mortgage lenders. Speculating on a future for Fannie Mae and Freddie Mac outside of conservatorship by 2027, Bob discussed the potential impact of that to mortgage lenders while also providing his thoughts on who could be some of the appointed housing officials of the Trump administration.

In the recent episode of The Big Picture, Rich and Rob interviewed James Dwiggins, CEO of NextHome, diving into pressing topics within the real estate industry. Dwiggins shared his perspective on current market trends, highlighting how NextHome is adapting to shifts in buyer behavior and economic challenges. 

The conversation then touched on the impacts of the recent NAR settlement and potential changes to commission structures. Dwiggins discussed how NextHome is proactively preparing for shifts in agent-client fee negotiations and adjusting training programs to equip agents with skills that align with the new compliance requirements. The interview wrapped up with insights on the long-term effects of the settlement, with Dwiggins noting that while some industry practices may evolve, the core of real estate transactions will continue to center on client trust and strong agent relationships.

In this episode of The Big Picture, hosts Rich and Rob welcome Kingsley Greenland, a leading climate risk expert from Verisk Extreme Event Solutions, to explore the critical impacts of climate change on the real estate and mortgage industries. Kingsley shares his deep expertise on how extreme weather events—such as hurricanes, wildfires, and rising sea levels—are shaping the future of property values, insurance policies, and lending practices. He offers insights into how businesses, investors, and homeowners can better prepare for these inevitable risks while discussing the regulatory and financial shifts that are already occurring in response to climate change.

Whether you're in real estate, finance, or simply interested in how climate risk affects the broader economy, this episode provides invaluable information from one of the most respected voices in the industry. Tune in as Kingsley outlines the steps companies and individuals must take to navigate the challenges of a rapidly changing environment, including how data analytics and risk models can help mitigate exposure to climate-related losses. Don't miss this important conversation on The Big Picture!

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.

This week on The Big Picture, hosts Rich Swerbinsky & Rob Chrisman welcome Eric Lapin, President of FormFree® to the show. The group dove into several pressing topics in the mortgage industry. They discussed the recent spike in mortgage rates following a stronger-than-expected jobs report and explored how the upcoming election, just 26 days away, could impact housing and the industry at large.

They also tackle the evolving challenges of climate risk in the mortgage space, as lenders and regulators adapt to environmental changes, and highlight recent developments in open banking. 

On today's episode of The Big Picture, Rich & Rob welcomed Teresa Bazemore to the show. 

The group provided their insights on the housing policies discussed in Tuesday's Vice-Presidential debate, analyzing how each party's approach might look to shape the housing industry. 

Teresa also shared her expertise on tackling the affordable housing crisis—an issue she’s worked on throughout her impressive career, including her leadership roles at the FHLB of San Francisco and as President of Radian. 

Housing policy takes center stage on this episode of The Big Picture, as Rich & Rob welcomed back Jim Parrott for a deep dive into the latest proposals from Presidential candidates.

Vice President Harris recently outlined her economic vision, with housing policies taking the spotlight. But how much of her plan stands a chance in the current political landscape? And what housing strategies might we see from former President Trump if he returns to office?

Jim Parrott, today's guest, is uniquely qualified to provide answers. As a nonresident fellow at the Urban Institute and owner of Parrott Ryan Advisors, Jim offers strategic advice on housing finance to major players in the mortgage market. His extensive background includes serving as a senior adviser on housing at the National Economic Council during the Obama administration and as counsel to Secretary Shaun Donovan at the U.S. Department of Housing and Urban Development.

Rich & Rob welcome back Bill Dallas to dive into the Federal Reserve’s recent 50 bps rate cut, exploring the reasoning behind it and potential market implications. They also share key insights and strategies for mortgage bankers to thrive in a slowly improving market. The episode wraps up with a deep discussion on the current state of Fannie Mae & Freddie Mac, and what their future could look like under different Presidential administrations.

On this week's show, Rich & Rob were joined by one of their favorite recurring guests, Chris Bennett of Vice Capital Markets.

The topic of the day - next week's Federal Reserve Board meeting. Will the Fed cut 25 or 50 bps next week? And what does it mean for mortgage rates in the short term? The group also took a look back at the Fed's action since the pandemic, handing out their letter grades for the Fed and their actions these last few years.

It was a great discussion spanning all aspects of the Fed's history, actions, and how they're likely to operate moving forward. Enjoy!