Fannie Mae-No Politics (FNMA)

[Wise Man]

It was a Request for Input on pricing, not "pricing and capital" as Howard states. Primarily you must understand that it came out in light of the recent LLPA changes (upfront guarantee fee) and the manufactured controversy surrounding them.
Howard pioneered the complaints about the capital ratios in the comment submitted, stating that 4% plus capital is high, whithout specifying what was 4% of what, that led to his followers to claim that in the unrelated Proposed Rule coming up soon, the expectation is "change to 2.5% ERCF". Also, he is famous for the "bank-like", when Basel measures the same risk exposure regardless of the type of financial institution, and the Leverage ratio is far lower than the banks'.
And this is how you create buzz about a theme that isn't up for debate: Basel capital standards.
His objective is to distance the 2021 Basel framework for capital standards in FnF, from the 2011 conservatorship endpoint options chosen by the UST, with a Privatized Housing Finance System as a common feature, including the recommendation of g-fee hikes through today, both based on Basel.
So, people don't see that 2021 and 2011 are intertwined and the lengthy conservatorship turns out to be a simple Transition Period to build the increased capital requirements with the dividend impeccably suspended.
This is why the Capital Rule is called "back-end". It should have been announced in 2011, but they rather start the abuse of court process in an attempt to change the fate that was written.