This mistake in the HERA of 2008 melts everything down.
Pelosi (sponsor) and Calabria drafting HERA, forgot to include the typical time frame to write the regulation required in the Act.
Because it took the FHFA Director 13 years to write the required Capital Rule (effective February 16, 2021), primarily because it struck the entire Risk-Based Capital requirement, when it was granted an 18-month period in the FHEFSSA of 1992, the law that established capital ratios in FnF for the first time, makes the 15 years in Conservatorship a de facto Transition Period to meet the capital requirements, and de Capital Rule renamed "back-end Capital Rule" (unveiled at the end of the Transition Period)
Since then, we are just determining which metric to choose for the release and Adequately Capitalized after redeeming the JPS, with the Separate Account plan, seems to be the winner, under their motto: "Take no captives" (Takings by UST ; redemption of JPS by FnF)
The reason for the delay is simple: attempt to distance the Basel framework adopted by FHFA for capital requirements (for fully private corporations. Charter revoked), from the UST-HUD's Privatized Housing Finance System revamp chosen in 2011 by the UST for the release from Conservatorship, at the request of the Dodd-Frank law, so people would forget that both are intertwined and that FnF were in the Transition Period, for the plotters' Government theft story that aims for a different outcome.
