Thursday, May 05, 2016 11:52:25 AM
Your proposed reforms do not take place right away and may not be politically feasible anyway. The Gse's have to manage for today, so the hedging is a necessary reality. Portfolio wind -down would solve this eventually.
As to the accounting for those hedges- I think it should be smoothed just like Freddie wanted to do it in 2002-2004. Then there would not be all that noise in quarter to quarter earnings.
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