Fannie Mae (FNMA)

[YanksGhost]

In FHFA's Report to Congress, Calabria states 3 over-arching Agency priorities. The first is regulatory excellence, the second is safety and soundness and the third deals with fostering a vibrant housing market with active COMPETITION as a stated objective. So your concern is quite justifiable.

Here's the safety net. FHFA cannot change chartering under administrative reform. Congress must act on a new Housing Reform bill for any change to actually take form. I actually think Calabria, who has long stated his desire to shrink the GSE footprint with newly chartered competitors actually built a cudgel into the Enterprise Capital proposal. He is giving a framework for maintaining the duopoly structure. Then when complainers piss and moan about "too much capital" and deleterious affect on affordable housing (Sherrod and Maxine laying in wait) he can counter with a demand for chartering authority to foster market competition.

You know like me the low odds of Congress agreeing to act on much of anything but, maybe, some small irritant like Jumpstart 2.0. back in the day. I don't think you need to worry too much about the pie getting dissected into a lot of smaller slices.

JMO.