Bloomberg Businessweek

A Fight Brews Over Mortgages

With the coronavirus crisis crushing the real estate market, some on Wall Street are assailing a U.S. official they blame for blocking a bailout of mortgage lenders. It’s not Treasury Secretary Steven Mnuchin or Federal Reserve Chairman Jerome Powell, who are leading Washington’s effort to rescue the economy. Rather, the target of their ire is Federal Housing Finance Agency Director Mark Calabria, a libertarian economist whose job is regulating mortgage giants Fannie Mae and Freddie Mac.

The issue is whether the U.S. should step in now to save nonbank mortgage servicers, firms including Quicken Loans, Freedom Mortgage, and Mr. Cooper Group that

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