The decision by the Administration formally to announce Mark Calabria’s nomination late yesterday could have been deferred until after Mr. Watt’s departure early next month.  It wasn’t for reasons we discuss below that make Calabria’s views about housing-finance reform material not only were he to be confirmed, but also during the critical interregnum when Congress shows whatever signs of GSE-reform interest it may have and the Administration readies its own action plan in the likely absence of statutory change to its liking.

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