Fannie Mae-No Politics (FNMA)

[obiterdictum]

Obiterdictum.....The other big thing I see with the constitutional ruling is Calabria's position as FHFA director has lost any protection from firing.

This should light a fire under him to get things done quick if he wants to have anything to show for his work, should Trump lose the next election.....or sour on him before.

Calabria is now directly answerable to the executive branch. This means the FHFA Director's position can be more greatly influenced and manipulated to some degree by each incoming administration.

One thing I dont like about it is that this may push him into over reliance on a small number of big money players to fund the recap/make it go quicker.

The main players involved are in Treasury, WH and later the Congress. All other players now have to go through the executive and legislative branch agencies. Regardless of any lobbies approaching Calabria, Calabria will have to clear his actions with the executive branch or risk firing.

We need to spread this out over a wide swath of institutional AND retail investors to provide competition for those shares.

Yes.

The current market traders and investors on the OTC, an uplisting to a new stock exchange, the new charters for the GSEs and the creation of future competitors in the secondary mortgage market will determine the spread in the future. Since, there is no clarity for investors as to the order of what will happen first, next and so on, there still remains uncertainty as to the path the GSEs will follow in time.