The Calabria Story, clomp dragging the night away
My focus on Calabria’s antics draws some surprise allies (see headline above)
Following my funeral services, when the bagpipe music fades away, along with the strains of Israel Kamakawiwoʻole--all nearly 1000 pounds of him-- plaintively singing “Over the Rainbow,” and the tears settle on my gravesite, I hope some soul notes I was an early--perhaps the earliest-- Mark Calabria critic.
While initially, I hoped for the best when his nomination first came up, I feared for the worst regarding his stewardship of the Federal Housing Finance Agency (FHFA), which his doctrinaire, ungenerous and petty treatment of Fannie Mae and Freddie Mac now has displayed.
Minus the bagpipes and "Iz," I see I now have been joined in my anti-Calabria campaign by the Mortgage Bankers Association, other major housing trade groups, David Stevens, Chris Whalen, “Navy Commander,” and many other GSE stalwarts who post Fannie and Freddie comments on Investor Hub.
Welcome aboard, you all.
Most responsible federal regulators would be looking at ways for their regulated institutions to help solve systemic problems in their industry industries, generated by issues related to fighting COVID-19.
In this particular instance, the threat is from possible cascading repercussions from so many mortgagors taking up the government's offer to withhold their monthly mortgage payments under current federal rules (for as long as a year).
But, watching from the sidelines, Director Calabria has clomp, dragged and announced what he won’t let Fannie and Freddie be a limited source of servicer liquidity.
He's hardly a Profile in Courage.
(Someone better wise up the boy that anyone with deep credit, i.e. the Fed, Treasury, or the GSEs can play that liquidity role. The GSEs might have more expertise because they work with servicer partners in more traditional non-threatening times.)
When asked, specifically about helping out servicers, Calabria clomp, dragged this policy option, as reported in “Housing Wire.”
“So, the yes is we have contingency plans and procedures put in place were this distress to happen (servicers failing),” Calabria continued. “So that’s the yes part. The no part is, do we have a liquidity facility that we will be providing via Fannie and Freddie? The answer’s no. We don’t have the resources at Fannie and Freddie to do that.”
When I hear Calabria address the servicer dilemma, I keep hearing a version of President Trump--desperate to be elected no matter the cost-- first denying the US has a COVID-19 problem, and then assuring all will be well once the weather warms up.
“We’re at war,” the POTUS pretends
So why isn’t President Trump continuously employing the federal Defense Production Act—which only he can activate--to require US companies to produce everything needed to fight the “VID” including swabs, more N95 masks, PPE, testing kits and testing materials/drugs, and filling other equipment and food needs, as domestic supply systems breakdown around him?
Or, has he sought a bone spur deferment once again?
In his self-serving daily briefings, barely disguised, totally transparent, election campaigning, the POTUS appears quite tired. The white circles under his eyes have white circles. Trying to avoid his responsibilities, he’s thrashing about changing his position, regularly, and looking for scapegoats.
Despite months of recorded and video examples of his misleading and downplaying his Administration’s delayed, lame, blame-filled response (blame Obama, the Chinese, the states, Democrats), but he doesn’t point at anybody in his orbit for bad decisions, going AWOL for February, and poor preparation for the COVID-19 novel coronavirus, which has gobsmacked our nation.
Despite the ample video and audio proof showing him floundering and lying, The President keeps denying he made those statements and gaffs (although the polls seemed to be catching up with his lies).
He also claimed that all testing matters—of which today they are many--need to be addressed by the states and not the federal government; he alleged he had the constitutional authority to close down or open any state at his own whim; he also claimed that he along could force Congress to meet or not meet.
Last week, he quickly backed off both of those fatuous mistakes, within 24 hours after making them.
I realize that no matter what he now says (no matter how wrong or outrageous), 40% or more of the nation will believe and follow him, which is so sad.
Future Trump moves I expect, so get ready
--blaming Governors for those communities where COVID-19 infections and deaths increase, after Trump browbeat them into “opening” before sufficient tests have been done to verify local safety.
--Look for excuses to ban mail-in voting and discourage it wherever it crops up, lying as he has about “voter fraud,” which has been all but non-existent anywhere, save in Trump’s mind and on FOX news.
--If Voters should reject him in November, he will tie up the final result in the Supreme Court.
--Just as the nation should prepare for the coming Trump/GOP voter suppression plays, we need to prepare his reluctance to give up his four year holiday at 1600 Pennsylvania Avenue.
Maloni, 4-19-2020
(Thanks, Al.)
