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Friday, July 29, 2022 5:04:10 PM
It’s easy to understand why Wall Street and the investment community are such fans of CRTs–they price them to make (lots of) money at Fannie and Freddie’s expense, and can stop buying new issues whenever the chance of actually having a significant amount of credit losses transferred to them gets too high. It’s much less understandable why FHFA–which is supposed to be a “safety and soundness” regulator–pushes them so heavily. I tried to explain the problem with the companies’ CRT programs in my comment on FHFA’s September 16 proposed CRT-related amendments to its ERCF capital rule, but as expected it paid no attention to any of the facts and analysis in this comment and adopted its amendments as proposed. And it’s apparently going to keep pretending that CRTs really will be a net benefit to the issuing entities until it becomes painfully obvious to anyone with a heartbeat that, as currently structured, they have not, do not, and will not. In the meantime, Fannie and Freddie will have lost billions as a consequence of this fantasy of a willfully blind and stubborn regulator."
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