The housing gang reunites for a new bust

When the Supreme Court ruled last year that President Trump’s director of the Federal Housing Finance Agency could be removed for no reason, many of us who follow housing policy knew what was coming. The next day, the Biden administration replaced the FHFA director, Mark Calabria, with a temporary appointment. Get ready for another housing boom — and failure.

FHFA is the regulator of two government-backed mortgage lenders Fannie Mae and Freddie Mac. Mr. Calabria had been working to split Fannie and Freddie off, hoping to lessen the damage they could do to the economy. But the replacement for the Biden administration immediately reversed course. “There is a widespread lack of affordable housing and access to credit, especially in communities of color,” said acting director Sandra Thompson. “It is the duty of FHFA through our regulated entities to ensure that all Americans have equal access to safe, decent and affordable housing.”

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