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Wednesday, May 27, 2020 11:42:03 AM
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https://howardonmortgagefinance.com/2020/05/27/now-we-know/
I haven’t yet determined whether to make a formal comment
on the proposal, but I’m leaning against it.
For the 2018 capital rule my comments were intended
to help FHFA find the right balance between safety and soundness
and allowing Fannie and Freddie to do business in a way that
provided the maximum support to the widest array
of borrower types, throughout the business cycle.
The current FHFA leadership has made clear
that this is neither their goal nor their interest.
Yet I do believe it’s important for affordable housing groups
and others interested in economics-based housing policy to
comment on the FHFA proposal, if for no other reason than
to get their views on the record.
At some point there will be a FHFA Director who will look at
his or her capital-setting authority
not from Calabria’s ideological perspective
but as a means of safely restoring Fannie and Freddie
to their traditional roles of channeling large amounts
of low-cost funds from the international capital markets
to U.S. mortgages, to help a wider segment of the American
population afford a home. This final step,
which Director Calabria so adamantly refuses to take
with the current proposed rule, will complete the
companies’ full release from their 2008 conservatorships.
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