Tuesday, September 24, 2019 5:50:25 PM
. Per third amended preferred stock agreements with treasury, treasury support scheduled to burned off (2018)
.gse's continue to unwind portfolio loans and per hera law (conservatorship ) congress built in gse shrinkage.
. Much of the earnings 2012 -2013 (payments to treasury ) promised on buybacks and settlements -one time sources of funds.
. Recent stress test demonstrated that adverse market conditions could necessitate another "BAILOUT " of the GSEs.
. Uncertainty over the future of market generally, E.G., At what point could uncertainty itself drive up interest rates or cause other market dislocation?
. Congress believes that the U.S. government should make way for private capital to return to mortgage markets.
. Conservatorships weren't designed to be perpetual
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