Calabria Supports Review Of Secondary Mortgage Market
July 14, 2020
During the Financial Stability Oversight Council's Principals Meeting today in Washington, D.C., it was announced that the council will begin an activities-based review of the secondary mortgage market. In December, it implemented an activities-based approach for identifying and addressing potential risks to financial stability.
"I applaud [Treasury] Secretary [Steven] Mnuchin and the Financial Stability Oversight Council for initiating an activities-based review of the secondary mortgage market," said Federal Housing Financing Agency Director Mark Calabria. "As demonstrated by the 2008 financial crisis and again by COVID-19, Fannie Mae and Freddie Mac must be well capitalized in order to support the mortgage market during a stressed environment."
The review will assess both the risk that activities in the secondary mortgage market pose to the stability of the financial system, and the efficacy of various risk mitigants, according to an FHFA announcement.
The oversight council is charged with identifying risks to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the financial system. The council consists of 10 voting members and 5 nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an independent insurance expert appointed by the President.
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