Treasury Secretary Steven Mnuchin Friday sent along a word of thanks for Comptroller of the Currency Joseph Otting, as the latter ended his temporary service in his additional role as top regulator of the government-sponsored enterprises (GSEs) that dominate the secondary mortgage market.
Otting’s tenure as acting director of the Federal Housing Finance Agency (FHFA) ended Thursday when the Senate confirmed Mark Calabria as the new, permanent director of the agency. “I would like to also thank Comptroller Joseph Otting, who has effectively served as Acting FHFA Director at such an important time for the Agency,” Mnuchin said in the short statement, after also congratulating Calabria.
Otting in December was appointed acting director of the FHFA, which supervises the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corp. (Freddie Mac), and the Federal Home Loan Bank System (which includes the 11 Federal Home Loan Banks, or FHLBs). Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac. Otting took the reins of the agency in January, with the end of the five-year term for Director Mel Watt.
Calabria will serve a five-year term as FHFA director.