I am asking that, as an industry, we band together & contact our representatives and tell them that Mark Calabria, head of the FHFA, needs to be removed from his position because his Choices Are Damaging.
Dear Real Estate Agents and other Industry Professionals during this COVID-19 crisis our industry, as others, is experiencing a rapid fire of new and unique challenges.
Politics! I am deeply concerned about decisions being made at the federal level, due to the CARES Act, that will profoundly hurt our local lenders and result in unjust consequences that will be extremely harmful to our industry.
Recently, Mark Calabria, head of the FHFA, made a choice from all of the possible ways that Fannie Mae and Freddie Mac could handle the forbearance hitting the mortgage industry that will be the most damaging to smaller lenders. The FHFA is creating a crisis that will increase cost to our consumers, push small, non-bank lenders out of the industry, due to a lack of liquidity, and ultimately drive loans to the Chases and Wells Fargos of the world. Which brings us back to the good old world of “Too Big to Fail”. I go into more detail in the video and for additional insight see David Stevens video posted at NREP Daily’s website.