(Ep 3) Will GSE Reform Happen or Not?

Impact Capital's Real Talk, host Tim Rood engages with esteemed guests Mark Calabria, Eric Blankenstein, and Alfred Pollard to delve into intricate discussions around the future of GSE reform and the consequential impacts of new housing policy under a potential administration shift. With their expert lenses, the speakers critique current regulatory architectures and explore the balance between agency independence and governmental oversight, addressing the roles that major players like FHFA and CFPB will occupy in reshaping the housing finance landscape. Listen to the people who had their hands on the joystick last time, and maybe again this time. 

About the Guests:

Mark Calabria Mark Calabria is a renowned economist and former Director of the Federal Housing Finance Agency (FHFA) under President Donald Trump. With a career spanning interactions at the highest levels of economic policy, he has advised the Cato Institute and worked as the Chief Economist for Vice President Mike Pence. Known for his role in crafting the HERA legislation that empowered the FHFA to place government-sponsored enterprises (GSEs) into conservatorship, Calabria's insights are pivotal in navigating housing finance and economic policy.

Eric Blankenstein Eric Blankenstein is a former head of supervision and enforcement at the Consumer Financial Protection Bureau (CFPB). As an accomplished lawyer, he has vast experience in policy enforcement and regulatory oversight, contributing significantly to the legal landscape in his field. Blankenstein continues to provide strategic guidance and legal expertise to firms navigating complex financial regulations.

Alfred Pollard Alfred Pollard served as the General Counsel of the FHFA and has established a formidable reputation as an expert in housing finance law. With an authoritative voice on legal compliance and a published author, Pollard’s influence extends into policy formulation and implementation affecting national housing finance.

Key Takeaways:

• Mark Calabria asserts that the exit of GSEs from conservatorship does not equate to reform; substantial congressional intervention is necessary.
• Eric Blankenstein highlights the perils of regulation by enforcement, advocating for clearer rulemaking to mitigate compliance uncertainties.
• Alfred Pollard emphasizes using existing statutes to guide and constrain the activities of FHFA, advocating a focus on prudential regulation.
• The discussion reflects concerns over the Biden administration's handling of treasury roles and housing policy, calling attention to their potential impacts on housing affordability.
• Rising inflation and mortgage interest rates are identified as critical factors influencing future policy adjustments and market stability.