The Trump administration’s pick to help overhaul the way many Americans finance their home purchases told Congress on Thursday he would work to preserve the popular 30-year mortgage, a product he has criticized in the past, the Wall Street Journal reported. Mark Calabria, speaking at his confirmation hearing yesterday before the Senate Banking Committee, said, “It is indeed possible for us to have a well capitalized, strong system that preserves the 30-year mortgage.” The nominee also said that he would scrutinize big banks if confirmed, using his seat on a panel of regulators, the Financial Stability Oversight Council, to raise concerns about risks the largest firms pose to the financial system. A critic of big banks, Calabria said he disagreed with the 2008 federal bailout plan known as TARP. The Senate panel is considering the nomination of Calabria to lead the government’s oversight of Fannie Mae and Freddie Mac. The mortgage-finance companies guarantee roughly half of U.S. home loans and have been under government control since the financial crisis.
