I see the FHFA as a "Policeman"...
They see and the public sees them as "always" policeman. Whether they are on duty or not. Meaning. they are always on duty 24 hrs a day 7 days a week all year every year.
For example... if an "off-duty" policeman is involved in an altercation and is shot. The police and press come out of the wood work and exclaim - police officer shot. And if the perp is caught and tried... they are always treated as if they shot "police officer".
Now... I don't want to make too many enemies, but I see that as different. But the public doesn't.
So, either the Fhfa is a public animal or a private animal - never both and never either or. That is really just a stupid argument since they are always the fhfa and always, guided by and acting in their choices and decisions and protected by their role as a Government entity.
Its really just an illogical argument. How can there not be even a "hint" of government - in its decisions. So, when they made the first take over and fhfa negotiated a "deal" with treasury - it was negotiating with itself. And that was wrong.
What is the difference with Tarp takers? Well Tarp takers made the independent decision to voluntarily take tarp ... and abide by what ever "deal" they could get as they negotiated for themselves. This was simply not the case for fannnie and freddie. Therefore, they need to be treated differently. Because you just can't do what they did and take all the benefits for yourself and leave all the liabilities and losses for someone else. Its just not the way its done. That's called self dealing and is routinely frowned upon by the courts, society, and this country.
Its simply fundamentally wrong. And no one can honestly argue against it. So, in this situation, which is specifically different there is no way for the fhfa to be anything other than representing the government's interests at the expense of third parties. The perception is the reality because nothing else is believable.
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