President Joe Biden plans to quickly replace the regulator of U.S. mortgage giants Fannie Mae and Freddie Mac after a Supreme Court ruling Wednesday gave him greater authority to fire the official.
The Supreme Court in a split decision found that the leadership structure of the FHFA was unconstitutional because of a provision that the president could only remove its director for cause, not at will. The widely anticipated decision mirrored the court's ruling on the similarly structured Consumer Financial Protection Bureau last year.
Former President George W. Bush's administration took control of Fannie and Freddie in September 2008 to prevent their collapse during the housing crisis, and they remain under government conservatorship after years of debate over how to overhaul their operations. Fannie and Freddie, which buy mortgages from lenders and bundle them into securities for sale to investors, stand behind about half of the $11 trillion U.S. residential mortgage market.
Isaac Boltansky, policy research director at the investment firm Compass Point, said Calabria would likely be dismissed “within the next few days.”
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