Some of the most influential trade groups in housing finance and related industries late this week went on record supporting libertarian economist Mark Calabria to be the next permanent director of the Federal Housing Finance Agency.

In short, they’re taking at face value Calabria’s testimony before the Senate Banking Committee Thursday in which he vowed to carry out the intent of Congress and leave behind his personal view that Fannie Mae and Freddie Mac should be liquidated and their housing mission handed over to the commercial banking industry.

Leading the pack of Calabria supporters were the Mortgage Bankers Association and the National Association of Realtors, with an assist from the Community Home Lenders Association.

Bill Kilmer, MBA’s senior vice president of legislative affairs, went on record saying Calabria — currently the chief economist to Vice President Mike Pence — “commands a depth of experience with respect to issues that impact the housing sector … he has worked on some of the thorniest issues involving the mortgage market, affordable housing policy, and community development.”

Kilmer added that the nominee, a past Senate Banking Committee staffer who helped shape the Housing and Economic Recovery Act of 2008, is “deeply aware of the congressional intent behind the law and FHFA’s responsibilities as regulator and conservator” of the GSEs.

NAR singled out Calabria’s comments regarding survival of the 30-year mortgage, and applauded the nominee’s desire to reform the structure of Fannie/Freddie guarantee fees, which are charged to seller/servicers that issue MBS.

Meanwhile, CHLA Executive Director Scott Olson expressed his belief that the nominee has “both the experience and knowledge to oversee the FHFA. His long career in housing and financial services also includes serving as deputy assistant secretary at the Department of Housing and Urban Development and other work both inside and outside the federal government.”

CHLA said that as a result of his broad experience, Calabria has a “keen appreciation” of both the issues that FHFA deals with and the need to balance the objectives of mortgage access to credit and taxpayer protection.”

Now that Calabria has appeared before the committee, it’s up to the full Senate to approve him. Industry lobbyists tracking the issue say he has the support of Senate Majority Leader Mitch McConnell, R-KY, and should be approved by the Senate unless a Democratic senator decides to put a hold on the nomination.

– pmuolo@imfpubs.com