Mortgage giants Fannie Mae and Freddie Mac plunge 45% after Supreme Court ruling gives Biden power to remove director
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Summary
Mark Wilson/Getty ImagesMortgage giants Fannie Mae and Freddie Mac plunged as much as 45% on Wednesday following a ruling from the Supreme Court.As first reported by Bloomberg, in a 7-2 decision, the court gave the US President authority to remove the head of the Federal Housing Finance Agency.Following the ruling, The New York Times reported that President Joe Biden plans to replace FHFA director Mark Calabria with someone "who reflects the administration's values," according to an unnamed White House official.Calabria was appointed as head of the regulator that oversees Fannie Mae and Freddie Mac - the Federal Housing Finance Agency - by former President Donald Trump in 2019.
As said here by Matthew Fox