Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*
Macro Musings with David Beckworth
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Building Equity Prior to the Pandemic
Mark O'Mara: Cuto, I want to first just recognize your success in avoiding a second, I guess third collapse in Fannie and Freddie. You actually built up equity prior, you had about not even a year to build up equity before the pandemic. Six months. So, you built up that equity cushion so it absorbs some of the losses. He also says during that time, I believe largest annualized increase in black homeownership. There's a narrative out there that you can only achieve increases, particularly minority homeownership by weakening underwriting standards but we showed the opposite.
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