Mark A. Calabria
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Mark Anthony Calabria was the Director of the
Federal Housing Finance Agency The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), ...
. He was formerly the chief economist for Vice President Mike Pence. President Biden removed him on June 23, 2021, following the Supreme Court decision in '' Collins v. Yellen''.


Career

On February 9, 2017, Calabria was selected by Vice President Mike Pence to serve as his chief economist. Before that, Calabria was the Director of Financial Regulation Studies at the
Cato Institute The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of Koch Industries.Koch Ind ...
; a member of the senior staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs, where he handled issues related to
housing Housing, or more generally, living spaces, refers to the construction and assigned usage of houses or buildings individually or collectively, for the purpose of shelter. Housing ensures that members of society have a place to live, whether i ...
,
mortgage A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ...
finance,
economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
,
banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...
and
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
for Ranking Member Richard Shelby; a staffer on the Senate Banking Committee under Chairman Phil Gramm; and a Deputy Assistant Secretary for Regulatory Affairs at the U.S. Department of Housing and Urban Development. He also held a variety of positions at
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...
's Joint Center for Housing Studies, the
National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States, representing the interests of home builders, developers, contractors, and associated businesses. NAHB is headquartered in Washington, ...
, the National Association of Realtors and the U.S. Census Bureau's Center for Economic Studies. Calabria is a frequent commentator in the media. He has appeared on C-SPAN's Book TV,
CNBC CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk sho ...
's
the Kudlow Report ''The Kudlow Report'' was a news television program about business and politics hosted by Larry Kudlow, that aired on the CNBC television channel at 7pm ET until March 28, 2014. The show began airing on January 26, 2009. It was a successor ...
& Street Signs, Fox affiliate WTTG News,
NBC The National Broadcasting Company (NBC) is an American English-language commercial broadcast television and radio network. The flagship property of the NBC Entertainment division of NBCUniversal, a division of Comcast, its headquarters are l ...
affiliate
WDSU WDSU (channel 6) is a television station in New Orleans, Louisiana, United States, affiliated with NBC and owned by Hearst Television. The station's studios are located on Howard Avenue in the city's Central Business District, and its transmitt ...
News, and WOR's Steve Malzberg Show. He has also written for ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'', ''
The San Diego Union-Tribune ''The San Diego Union-Tribune'' is a metropolitan daily newspaper published in San Diego, California, that has run since 1868. Its name derives from a 1992 merger between the two major daily newspapers at the time, ''The San Diego Union'' and ...
'', ''
The Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'', and the ''
New York Post The ''New York Post'' (''NY Post'') is a conservative daily tabloid newspaper published in New York City. The ''Post'' also operates NYPost.com, the celebrity gossip site PageSix.com, and the entertainment site Decider.com. It was established ...
''. Calabria has also testified before Congress. In testimony before the
House Committee on Financial Services The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees ...
in September 2009, he said that "the current foreclosure relief efforts have largely been unsuccessful because they have misidentified the underlying causes of mortgage default. It is not exploding
ARM In human anatomy, the arm refers to the upper limb in common usage, although academically the term specifically means the upper arm between the glenohumeral joint (shoulder joint) and the elbow joint. The distal part of the upper limb between th ...
s or
predatory lending Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 200 ...
that drives the current wave of foreclosures, but
negative equity Negative equity is a deficit of owner's equity, occurring when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In the United States, assets (particularly real estate, whose loans are mortgages) with ne ...
driven by house prices declines coupled with adverse income shocks that are the main driver of defaults on primary residences."09/09/09 Testimony of Calabria before the House Committee on Financial Services Subcommittee on Housing and Community Opportunity Calabria has been noted by the media for his pro-
free market In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any ot ...
views.


References


Testimony of Calabria before the House Committee on Financial Services Subcommittee on Housing and Community Opportunity
– September 9, 2009
Testimony of Calabria before the United States House Judiciary Subcommittee on Commercial and Administrative Law
– July 9, 2009


Notes


External links


FHFA biography

Mark Calabria Discusses the Credit Card Bill on CNBC, 5-20-09
*
The Cato Institute website – Washington, D.C.
{{DEFAULTSORT:Calabria, Mark A. Year of birth missing (living people) Living people George Mason University alumni George W. Bush administration personnel Cato Institute people Trump administration personnel