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Sunday, December 10, 2023 3:01:22 PM
All the lists on bottom were done and finished.
Fannie and Freddie are now ready to exit conservatorship.
Summary
Today’s report to Congress is FHFA’s first foray into expressing a statutory opinion since Sandra
Thompson took over, a change doubtless due to her newly confirmed status and the will to tackle hard
questions in which Congress has only nominal interest in the absence of another crisis. Sticking with
Mel Watt, Thompson wants the GSEs turned into utilities. Adding a fillip from Mark Calabria, she wants
more than two of them. A note of her own also recommends a new reserve.
Impact
In its report to Congress, FHFA again asks for the authority now to:
• examine third party servicers; and
• adjust statutory capital definitions, a move that would end the need for complex supplemental
capital requirements.
The agency also weighs in on what needs to come when the GSEs exit conservatorship. It wants:
• changes to the GSEs’ charter acts to address Treasury’s different role;
• new business models as utilities;
• creation of reserves funded by GSE guarantee fees as an extra layer of loss absorption.
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