Fannie Mae-No Politics (FNMA)

[Mnemonic]

There's nothing that was said today that hasn't been said 100x already. "We need housing finance reform." Suddenly people are surprised when he says today that he plans on reform.

And it's not about congress. The "prefer to work with congress" narrative has been peddled a lot, but it doesn't mean they need congressional approval for any and everything. In fact, Calabria's position has been that he can improve the capital situation and implement changes without congress. Also Mnuchin didn't even mention congress today.

There are no new delays, because the timeline hasn't changed. The idea that today's comments--which are largely consistent with previous statements--could drastically influence the timeline of a decade-long conservatorship is kind of ridiculous.