​​​​​​​Remarks as Prepared for Delivery

Dr. Mark A. Calabria, Director

Federal Housing Finance Agency

Constitution Center, Washington, D.C.

Thank you everyone for coming out this morning.  I am so touched and honored by your presence.  I will never forget that it is only due to the commitment, support and effort of so many friends that I am able to stand here today as Director of the Federal Housing Finance Agency.

Foremost has been the many sacrifices made by my mother, Janie Jones.  My mother’s 20 plus years with the Fairfax County government instilled in me a deep appreciation of the value of public service. And since Mom served in the Comptroller’s Office with Fairfax County, she also instilled in me the fact that whatever the goals of government, the numbers must add up. 

I also want to recognize the love and support of my partner, Allison Randall, who is here with us this morning.  Allison’s life-long work to end domestic violence has been a constant inspiration to me.  Her many years with DOJ’s Office on Violence against Women has not only inspired me, but also given me an up-close daily view on the functioning of federal agencies.  I also want to commit to all FHFA’s employees, and their families, that during my tenure as Director, I will do everything I can to guarantee that FHFA is a safe and welcoming work environment.  

I have been extremely fortunate to spend the last two years working for Vice President Mike Pence, in a work environment I can only describe as family.  I want to acknowledge the support of the Vice President, the Second Lady, along with everyone in the greater Pence family.  I would not be standing here today without their support.

While he could not be here today, I want to express my deep appreciation to Comptroller Joseph Otting for his service as Acting FHFA Director during my confirmation process.

I also want to thank my good friend John Roscoe, who many of you have come to know over the last few weeks.  I am certain you have come to respect him, as I did during our time together at the White House.  I look forward to now being able to again work with John.    

I also want to express my appreciation to the many members of the Senate who worked to make my confirmation a reality.  My nomination would not have moved out of Committee and reached the floor without the efforts of Banking Committee Chairman Mike Crapo and former Committee Chair Richard Shelby, along with their staff.  

Lastly, I want to thank President Trump for the trust and confidence placed in me.  This is truly the greatest honor of my life. 

I also want to acknowledge the President’s leadership on this issue. The recently signed Presidential Memo lays out a constructive path for mortgage finance reform.  I look forward to working with the Administration on this issue. 

My first tour of federal service began as staff for the United States Committee on Banking, Housing and Urban Affairs during the years leading up to the crisis.  As many of you know, my work there centered on our mortgage finance system.  

After the accounting scandals at first Freddie and then Fannie, the then Chairman Senator Shelby and his staff began to worry that the current regulator, OFHEO lacked the tools it needed to effectively supervise these entities and protect our mortgage finance system.  With those concerns began the legislative efforts that resulted in the 2004, and later 2005 Shelby bills, which later formed the core of The Housing and Economic Recovery Act (HERA).

We had a straightforward objective -- to create a world class regulator that possessed the tools that other regulators, such as the OCC, FDIC or Fed, possessed.