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Biden replaces Trump-appointed regulator overseeing mortgage giants after Supreme Court ruling

The White House on Wednesday replaced the regulator who oversees mortgage giants Fannie Mae and Freddie Mac, hours after a Supreme Court ruling enabled President Biden to oust the Trump appointee.

Why it matters: The removal of libertarian economist Mark Calabria as Federal Housing Finance Agency (FHFA) director "gives Biden more control" over the fate of Freddie and Fannie, "which play an outsize role in the housing market and are central to many homeowners' ability to afford homes," per the New York Times.


What's happening: The FHFA said in a statement Wednesday night that Sandra Thompson, who previously served as the Division of Housing Mission and Goals' deputy director, had been appointed acting director of the agency.

  • She previously worked at the Federal Deposit Insurance before joining the FHFA, overseeing its enforcement program for risk management and consumer protection during the financial crisis.

What she's saying: Thompson pledged in the statement to address areas of housing more in line with the Biden administration's goals.

  • "There is a widespread lack of affordable housing and access to credit, especially in communities of color," she said.
  • "It is FHFA's duty through our regulated entities to ensure that all Americans have equal access to safe, decent, and affordable housing."

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We’re racing to vaccinate before a “monster” COVID variant arrives

Slow global COVID-19 vaccination rates are raising concerns that worse variants of the coronavirus could be percolating, ready to rip into the world before herd immunity can diminish their impact.

Why it matters: The U.S. aims to at least partially vaccinate 70% of adults by July 4, a move expected to accelerate the current drop of new infections here. But, variants are the wild card, and in a global pandemic where only about 8% of all people have received one dose, the virus will continue mutating unabated.

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