Are We Heading for 2008 2.0? Not So Fast. Mark Calabria is in a familiar position: at odds with the broader world of housing market policymakers and analysts.

The former director of the Federal Housing Finance Agency, made headlines last week by saying there is a “ticking time bomb” in the mortgage industry that harkens back to the housing bubble of the mid-2000s. 

During an interview on Intrafi Network’s “Banking with Interest” podcast, Calabria said poor underwriting standards at the Federal Housing Administration were setting the market up for failure. As fears of a recession mount, he said a reckoning could be imminent.