President BidenJoe BidenBaltimore Police Chief calls for more ‘boots on the ground’ to deal with crime spree Biden to deliver remarks at funeral of Sen. John Warner Garland rejects broad review of DOJ politicization under Trump MORE plans to fire Federal Housing Finance Agency (FHFA) director Mark Calabria after the Supreme Court overturned protection against his dismissal on Wednesday, a White House official told The Hill.

“The FHFA has an important role in monitoring Fannie Mae and Freddie Mac as well as the Federal Home Loan Bank System. It is essential that the agency implements the administration’s housing policies, ”the official said in an email to The Hill.

“As a result, in light of the Supreme Court ruling today, the president is moving forward today to replace the current director with an appointee who reflects the values ​​of the administration,” added the responsible.

Calabria responded in a statement Wednesday that it respects the Supreme Court ruling and Biden’s power to fire him.

“It has been the honor of a lifetime to serve as Director of the Federal Housing Finance Agency alongside world-class staff. During my tenure, the FHFA fulfilled its mission as the economy fluctuated from a record unemployment rate and a strong housing market, to a recession triggered by a pandemic that spared house prices but contracted the offer, ”Calabria said.

The court ruled on Wednesday that the structure of the FHFA, the curator and overseer of Fannie Mae and Freddie Mac, was unconstitutional because it prevents the director from being fired by the president for reasons other than negligence or misconduct. The court ruled that the director of the FHFA can be sacked at will by the president, paving the way for Calabria’s sacking.

Calabria, a Republican, has been director of the FHFA since April 2019. He was appointed to this post by the former President TrumpDonald Trump Guardian Angels founder Curtis Sliwa wins GOP primary in New York mayoral race Garland rejects broad review of DOJ politicization under Trump Schumer promises next steps after “ludicrous” “horrific” obstruction of the GOP PLUS electoral bill after having been chief economist to the former vice-president Mike penceMichael (Mike) Richard Pence If you care about the US, cheer China for victory in space Pence heckled with ‘traitor’ calls at conservative The Hill’s Morning Report – ObamaCare here to stay MORE.

Before joining the FHFA, Calabria was a strong supporter of the removal of Fannie Mae and Freddie Mac from federal tutelage. Mortgage securitization companies have been under federal control since the creation of the FHFA in 2008 following the collapse of the real estate market.

“However, there is still a lot of work to do. When the housing markets experience a significant downturn, Fannie Mae and Freddie Mac will fail at their current capital levels. I wish my successor all the best in correcting the remaining flaws in the housing finance system. housing, ”he said. Wednesday

Fannie and Freddie own or guarantee about $ 6 trillion in residential mortgages, more than half of the roughly $ 11 trillion market. Calabria and other critics of Fannie and Freddie’s tutelage argue that businesses need to be released into the private sector with higher levels of capital to reduce risks to taxpayers and eliminate potential distortions in the housing market.

While Calabria did not release Fannie and Freddie, he took steps to ensure the two would be able to withstand another housing market downturn once they left receivership.

Democrats, however, have been reluctant to release Fannie and Freddie and want to make sure the two keep their affordable housing support under federal watch.

“We are facing an affordable housing crisis in all parts of the country. Today’s decision gives President Biden the opportunity to ensure that we have an FHFA Director who is committed to meeting the housing needs of tenants and landlords, and to making our housing system work. for everyone, ”said the senator. Sherrod BrownSherrod Campbell Brown Removing Essential Family Support Won’t Solve Work Crisis Democrats Press Courts To Expand Child Tax Credit Biden Set To Cancel Trump’s Trade Legacy With Deal With EU PLUS (D-Ohio), Chairman of the Senate Banking Committee.

White House press secretary Jen psakiJen Psaki Baltimore Police Chief calls for more ‘boots on the ground’ to deal with crime spree White House draws anger from progressives amid defeat of voting rights White House admits marker of July 4th vaccine will be missed MORE declined to say during a White House briefing Wednesday who Biden would nominate to replace Calabria and when he would announce a pick.

Biden’s eventual nominee will likely face a cold reception among Senate Republicans, who loved Calabria and its approach to the housing finance system. Senate Democrats can’t afford a single defection if they seek to confirm a candidate without any Republican backing.

Senator Pat ToomeyPatrick (Pat) Joseph Toomey Black Women Seek To Reap Gains In Upcoming Election Watch Live: GOP Senators Introduce New Infrastructure Proposal Sasse Rebuilt By Nebraska Republican Party For Impeachment Vote MORE (R-Pa.), A leading member of the Senate Banking Committee, said that while he did not oppose the Supreme Court’s ruling, he fiercely opposes the Calabria s sacking.

“Based on the successes of Director Calabria, I think the president is making a huge mistake in removing him,” Toomey said. This error would be compounded if President Biden appointed a new director who does not share Director Calabria’s commitment to correcting flaws in the structure of the housing finance system, ending trusteeship and protecting taxpayers from future bailouts. “

Updated at 14:48