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FHFA’s Calabria Gives W&D the Facts on GSEs’ Roles

The Federal Housing Finance Agency (FHFA) set a number of new guidelines in place for Fannie Mae and Freddie Mac when it comes to their multifamily business, including changes to the structure on volume caps. In an interview with Walker & Dunlop, included as part of the firm’s 2020 Winter Multifamily Outlook report, FHFA Director Mark Calabria discusses the benefits that these new guidelines facilitate.

“The new multifamily caps eliminate loopholes, provide ample support for the market, ensure the GSEs play a more countercyclical role and significantly increase affordable housing support over previous levels,” says Calabria.

Under the new caps, Calabria explains, FHFA directs that at least 37.5% of the GSEs’ multifamily business be mission-driven, affordable housing. “This new minimum of 37.5%, approximately 10% more affordable housing than previous levels, responsibly assures that the GSEs’ multifamily businesses have a strong and sustained commitment to tackling our nation’s housing affordability challenges,” he says.

Calabria also details why bringing the GSEs out of conservatorship has been such a high priority since he assumed FHFA directorship last April. “Ending the conservatorships of Fannie Mae and Freddie Mac (the GSEs) is not an objective, it’s FHFA’s statutory responsibility,” says Calabria.

In the interview with Walker & Dunlop, the FHFA director also discusses the GSEs’ market share in the multifamily lending arena, and where he believes they’ll make the deepest inroads in addressing the nation’s affordable housing crisis.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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