Managing the Housing Market During the Pandemic

Mark Calabria discusses his experience as the director of the Federal Housing Finance Agency during the COVID-19 pandemic, addressing concerns about the housing market, the regulation of Fannie Mae and Freddie Mac, and the need for market discipline and capital building. The chapter also explores the impact of the pandemic on mortgage defaults, the benefits of the mortgage forbearance program, and the differences in approach compared to the Great Recession. Additionally, the adverse market refinance fee and its repeal are discussed, along with the speaker's defense of the decision.