A top U.S. housing-market regulator said that he isn’t likely to heed mortgage companies’ calls to help ease the cash-flow crunch they are expecting when Americans who lose their jobs stop making mortgage payments, the Wall Street Journal reported. Mark Calabria, who leads the Federal Housing Finance Agency, described industry concerns as “spin.” He also said yesterday that he doesn’t see it as the role of government-backed housing-finance giants Fannie Mae and Freddie Mac, which he oversees, to help the mortgage companies. “I’ve seen zero [evidence] to suggest that there’s a systemic crisis across the nonbank servicers,” Calabria said. “If this goes on for a year, maybe. But I think the frustration here is a lot of just misrepresentation.”
