Fannie Mae-No Politics (FNMA)

[Wise Man]

Clarification: 13-year gap between the requirement by law of a new Risk-Based Capital requirement, plus other changes, and the Capital Rule (2008-2021)
With a FHEFSSA 18-month Implementation section, a Capital Rule would have coincided with the mandate by Dodd-Frank law of recommendations on ending the conservatorships (2010) and subsequent February 2011 UST-HUD Privatized Housing Finance System, which means Basel framework as well ("Stringent capital requirements")

Now, FHFA is focused on a Housing Finance System revamp and how to get rid of the unwanted AT1 Capital holders (JPS). Under the Separate Account plan, they must be redeemed by FnF for cash at their redemption value.
FHFA is conspiring with the hedge funds that filed frivolous lawsuits in court, to get rid of them with a swap JPS for Cs, jointly with the DOJ with its SPS.

This is a debate about the endpoint, not about the conservatorship process where FnF must be rehabilitated regardless, with the Restriction on Capital Distributions as a Prompt Corrective Action.