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President Donald Trump recently announced that he would nominate Mark Calabria, chief economist to Vice President Mike Pence, to be the new director of the Federal Housing Finance Agency (FHFA) for a term of five years. Prior to his current position in the administration, Mr. Calabria was director of financial regulation studies at the Cato Institute. Before that, as a senior aide on the Senate Banking Committee, he was one of the lead drafters of the Housing and Economic Recovery Act of 2008 (HERA) which created the Housing Trust Fund (HTF) and the FHFA. In addition, Mr.
