The Housing Gang Is Getting Back Together for Another Bust

The Housing Gang Is Getting Back Together for Another Bust

The Housing Gang Is Getting Back Together for Another Bust Fan and Fred will buy mortgages up to $1 million, repeating the mistakes that led to the 2008 crash. When the Supreme Court ruled last year that President Trump’s director of the Federal Housing Finance Agency could be removed without cause, many of us who follow housing policy knew what was coming. The next day, the Biden administration replaced the FHFA director, Mark Calabria, with a temporary appointment. Get ready for another housing boom—and bust. FHFA is the regulator of the two government-backed housing lenders Fannie Mae and Freddie Mac. Mr. Calabria had been working to spin off Fannie and Freddie, hoping to reduce the harm they could do to the economy. But the Biden administration’s replacement immediately reversed course. …
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