Fannie Mae-No Politics (FNMA)

[clarencebeaks21]

Under a HERA Conservatorship, Layton cannot restructure equity without FHFA approval. He should’ve taken the Director golfing and asked.

FHFA is waiting until after both the ECR and the Capital Planning Rules have the full force of law. That then gives FHFA the fullest possible administrative justification for whatever it chooses among the practical outcomes.