Throwing the prospects of any GSE reform by the Trump Administration into still greater uncertainty, FHFA Director nominee Mark Calabria today told Senate Banking during his confirmation hearing that he has not seen any plan from Acting Director Otting. Instead, he described Mr. Otting’s leaked remarks as a “pep talk” for FHFA employees. Chairman Crapo (R-ID) reiterated his “strong preference” for congressional action with FHFA ensuring a strongly capitalized private mortgage sector along lines laid out in his recent outline. However, there was no discussion of Chairman Crapo’s discussion draft from Democrats or Republicans although Sen. Tillis (R-NC) doubted legislative action on GSE reform this Congress.
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