President Morial Issues Statement on Dr. Mark Calabria's Comments on Affordable Housing
February 26, 2019 -- Honorable Member of the Senate Banking Committee: As President and CEO of the National Urban League, and on behalf of its 90 affiliates in 36 states and the District of Columbia, I write to express my concerns about Dr. Mark Calabria’s recent statements about the affordable housing goals (the goals). Dr. Calabria believes that the goals played an outsized role in the financial crisis, and that the goals are inherently risky.1 His and other’s assertations scapegoating the goals are “weapons of mass deception”, as I described in my testimony before the Senate Banking Committee in 2008.2 Accordingly, if confirmed as the Director of the Federal Housing Finance Agency (FHFA), I fear Dr. Calabria would unnecessarily lower the benchmarks for the goals, based on unfounded assumptions.