Thursday, February 14, 2019

Yawn, yawn--I'm in!

Too many chefs spoil the (GSE) soup…
Please, move faster clock, move faster

Watching the Senate Banking Committee Mark Calabria nomination hearing this morning—and listening about the nominee being raised by a single Mom who couldn’t count on receiving her monthly support check from ex-hubby with its impact on paying the mortgage (or rent)—I know from experience (and prepping dozens of congressional witnesses) how quickly Calabria wanted all this shit to end.

His name had been bandied about for months as a possible successor to Mel Watt (what has happened with that suit against former Director Watt??), with the usual shots at Calabria by foes (generally those who wanted the job to go to someone else) and praise from his allies--which mandatory in the process.

The R’s still controlled the Senate and Calabria finally gets the nomination but the committee drags its feet on a hearing date. Curiously, the White House names Joseph Otting--who is the Comptroller of the Currency (overseer for all national banks), a good buddy and former colleague of Treasury Secretary Steve Mnuchin--as “acting-FHFA Director” while Calabria waits.

Then Otting, either wittingly or unwittingly, tells his temporary FHFA charges—in a well-reported meeting—about the Admin’s plans to remove Fannie and Freddie from the 2008 “Conservatorship,” which made the GSEs wards of the government (FHFA but really Treasury) and turn them into their old selves, something less, something greater, or none of the above, since Otting provided no details, which is standard Admin operating procedure.
In the meantime, investors swoon, stock prices rise, and everybody waits for the now set, 2-14-Calabria hearing, in which Calabria wants nothing more than to be asked, “Who is your favorite professional baseball team?” and “Which fruit pie does your Mom make better than all of her other excellent baking??”

(Mark Calabria thinks: “Please Senators, just go easy and let me out of here, don’t you have a vote or somewhere else to be this morning?”)

He gets asked the obvious, bathed in skepticism question, “Given your past positions, why do would you want this job?” Left unsaid was the Senator’s real thought, i.e. “Why do you want this lousy low profile job?”

I’d ask Calabria the same, but I believe everyone should work somewhere.

Those Senators know, after all of the shopworn and hackneyed congressional obeisance Calabria paid to his family, his career history as an SBC employee, his name dropping of still present Senators in the chamber, his role in shaping (not as much as he claims) some of the agency he will command, etc. etc. “You don’t get to be Arch Bishop by running the FHFA!!”

It ain’t that important and Calabria’s desire to make the FHFA a “world class regulator” ain’t in the OMB’s cards, no matter how much MC bloviates about the importance of the 30-year fixed rate mortgage and the GSEs’ role in making that loan prevalent.
It’s clear, too, that many of the Senators still don’t understand what and how the GSEs do what they do, but they—and importantly—their staffs have heard all of the rumors about the White House’s desire—again, despite all the of contrary Admin rhetoric—to move expeditiously on something that has minimal congressional approval.
Worse, it’s clear that Mnuchin, his aide Craig Phillips, and likely Joe Otting have constructed a GSE executive/regulatory relief package, which might have Calabria’s name added to it, but which won’t have much of his DNA in it.

So why is he here?

(MC: Kill time, kill time, and don’t be topical, too dangerous.)

(MC: Maybe crack an insider joke? “Hey, Senator, did you hear about the mortgage banker passing the vacant lot and a Realtor/developer comes out of a trailer with a snake around his neck and asks….?”)

Mark Calabria looks at his notes as often as he can, reads from them, and sneaks a peek at his watch, mentally screaming,...and then, “Why yes Senator I commit to rural housing forever in whatever state you are from and for the rest of my natural born days."

(MC. Come on, you &amp,*%$#@^ clock!”)

Between (soft) grilling, MC ruminates to himself, (MC: “Why do I want this stinkin’ job. I don’t get no badges! Maybe if I stutter a little bit, I can stretch out my answers or recite facts about the Housing Act of 1964, let alone the 1992 legislation which first created the agency I am seeking to run about which none of these guys/women know anything?”)

11:53 AM, Chairman Crapo (R-Idaho) bangs the gavel, "Hearing concluded."

His prayers answered, Calabria gets his wish, breathes out “slam dunk,” shakes hands, kisses loved ones, and quickly enters men’s room to change underwear and pants!!

Good luck, Mark!

Maloni, 2-14-2019


Anonymous said...

That’s three in a row Bill. Bravo and keep up the good work.

Bill Maloni said...

You're my guiding star, man.

As long as I have the GSE material, I'll stay away from you-know-who. There is enough stuff being written about his antics by others already.

Nothing more for me to add.

I think he's making a major mistake on the "national emergency" declaration on something that isn't, but which he keeps conflating, i.e. legitimate immigration issues and his desire to build a wall/barrier.

Let's all root for Calabria to do the right things.

Anonymous said...

If even one murder or drug overdose doesn’t have any value to you, then open up the gates.
58,000 soldiers were killed in the entire Vietnam War and 52,000 died in 2018 from drug overdose or even one female abused or extorted, If that isn’t an emergency to ANYONE then Satan may have hold of your heart.
Decades of lies from both sides. I know the MSM can spin what we think we hear but our eyes can see what each and every one has said in the past.
This “crisis” is paramount to any GSE issue. Democrats and Republicans been stealing since the beginning of time but murder only happens once.
The illegal immigrants are not going to change your lifestyle very much, but most assuredly they will change your grandchildren’s.

Anonymous said...

Romans 1:28-31
Furthermore, just as they did not think it worthwhile to retain the knowledge of God, so God gave them over to a depraved mind, so that they do what ought not to be done. They have become filled with every kind of wickedness, evil, greed and depravity. They are full of envy, murder, strife, deceit and malice. They are gossips, slanderers, God-haters, insolent, arrogant and boastful; they invent ways of doing evil; they disobey their parents; they have no understanding, no fidelity, no love, no mercy.

Anonymous said...

Bill, do you think Otting will announce recap and release plan? Or wait till Calabria takes over?

Bill Maloni said...

Anon1 and 2 (assuming you are the same individual)...I am not sure how to respond to your biblical fears.

As the grandson of immigrants on both sides of my family--Italy and Poland--and growing up with legions of same and their progeny in Western Pennsylvania, I don't share your worries, as long as intelligent people and government rules continue to apply.

I would urge you to drop the MAGA hat BS and read actual immigration numbers (legal AND PROJECTED ILLEGAL) AND CHECK OUT THE FBI's AND LOCAL POLICE CRIME STATISTICS. (Ooops, excuse the all caps.)

The POTUS lies daily and consistently. It's a mental flaw of his. Try and see through some of it (and also look in the Bible for what is stated about flawed leaders and leadership).


Anon 2--I cover part of this in my new blog coming out tomorrow.

I think the Admin will give this to Calabria to make him feel invested in a decision largely shaped by others.

Anonymous said...

My biblical fear has great foundation and I just want to pass it on to you.
The fear of the LORD is the beginning of wisdom, and knowledge of the Holy One is understanding

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