They have done so, yes. I still don't think this is legal (though nobody has challenged it in court, and it's moot now).
Still, the capital requirements will be in force outside of conservatorship. If FnF are released before they are fully capitalized, Calabria will be forced, by law, to declare them undercapitalized and start applying parts of HERA that none of us (including Calabria himself) really want to see.
All the talk about "rule of law" must respect the entirety of HERA. HERA is law. There is no arguing this.
kthomp19, Can you please give reference to legal HERA definition of core capital as it appllies in the context of fnf?
The reality is fhfa regulates capital requirements. If it is ok under conservatorship then why it is not ok outside conservatorship? Please explain. If fhfa is violating the laws then who can force fhfa to follow the laws?
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