On Tuesday, the Federal Housing Finance Agency (FHFA) announced that Adolfo Marzol has been appointed Principal Deputy Director of FHFA effective April 15, 2019.
“I am very pleased that Adolfo will be joining FHFA in such an important capacity. His depth and breadth of experience in both the private sector and government will help us maintain FHFA as a world-class regulator,” said FHFA Director Mark Calabria.
Before joining the FHFA, Marzol served for two years as Senior Advisor for Housing to HUD Secretary Dr. Ben Carson, where he advised on Federal Housing Administration and Ginnie Mae programs, as well as housing finance reform. Additionally, Marzol has served in senior-level positions at Essent, Fannie Mae, Chase Mortgage and Equitable Mortgage. Marzol was born in Cuba and is a graduate of the University of Florida and holds a BSBA in Economics and a Master’s degree in Finance.
On some expert's minds is how Marzol will match up with Calabria moving forward. Sources have noted that Marzol, as the former Fannie Mae Chief Credit Officer, may be at odds with Calabria's plan to limit the GSEs. Additionally, with Marzol changing roles, someone will now need to step into his role at HUD and write HUD’s response to the White House Federal Housing Finance Memorandum.
Marzol’s appointment comes shortly after the appointment of Mark Calabria as FHFA Director. During Monday’s swearing-in ceremony, Calabria spoke on Fannie Mae and Freddie Mac, and the FHFA’s ongoing role as conservator of the GSEs and regulator.
“FHFA has made tremendous progress since its birth in 2008, a development I’ve continued to watch with great interest from the outside,” said Calabria. “It is my foremost objective to cement those gains. It is all too easy to watch regulatory improvements erode as the memory of the last crisis fades.”
Calabria’s priorities as Director include ensuring that the GSEs were, "well capitalized, well managed, and well regulated." During his nomination hearing, Calabria gave an outline of what his priorities would be if confirmed. Calabria said that a number of critical elements were needed in reform such as a "greater need for competition." He said the current FHFA mandate was clearly where "the regulator cannot make such changes." As a result, he said, "The very broad changes that have to happen in the mortgage finance system have to be done by Congress."