Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi FFF - I absolutely admire the Calabria who wrote the Conservatorship of Fannie Mae and Freddie Mac prior to the time he was appointed as Director the FHFA. I am confused on what happened to that Mark Calabria and I have been waiting for him to return to the old Calabria. Do you have a theory why he set capital requirements so high and why he did not negotiate the end of the NWS and SPS Liquidation preference in the Jan 2021 Agreement with UST?

Really would appreciate your insight because I too have had high esteem for the Cato Calabria and have been dissapointed by the FHFA Calabria.