Sunday, February 04, 2024 2:31:58 AM
It's FHFA Conservatorship, by the way. FHFA is an independent agency of the Federal Government. It hasn't changed with Collins and the SCOTUS.
Because in the same Senate Banking Committee hearing, this is the quote that made headlines:
“We would defer to Congress on the exit for the GSEs,” Sandra Thompson, acting director and nominee to permanently head @FHFA.
— National Mortgage News (@NatMortgageNews) January 22, 2022
By @bcynic https://t.co/caKktHDj3v
One could transmit the idea of "working with Congress", pursuant to the 2011 UST plan for release, as stated by all other FHFA directors and secretaries of the Treasury, and therefore, the FHFA has to come clean about the Separate Account plan.
The actual quote, that she buries her head in the sand.
The Treasury had the mandate in the Dodd-Frank law of 2010 to come out with "recommendations on ending the Conservatorships, no later than January 31, 2011", and it chose a 3-option plan for a Privatized Housing Finance System revamp, with recommendations of guarantee fee increases and expressly writing that the goal was to remove their advantages in capital standards. This way, the Treasury wanted a guarantee fee that reflects the risk they assume.
FHFA began to work on it right away: DeMarco in Congress in May 2011, then the UMBS, CSP, ... and the latest, the commingled securities for the Govt Catastrophic-Loss Reinsurance in the option 3, or private reinsurance for the options 1 and 2, unveiled in June 2022 and just a few weeks ago, a Final Rule for its capital requirement (5% Risk Weight and 50% Credit Conversion Factor (CCF): how this external exposure (the main credit risk is covered by other guarantor) is recorded on the balance sheet)
The Report to Congress was submitted 11 days after the deadline. This is a typical delay every time that Congress requires something to the Treasury Department. For example: Law: "Restrictions for electric vehicle tax credits no later than Dec 31, 2022". The Treasury on D-day: "March".
Don't be a Gasparino, the spokesperson for Wall Street, who denied the existence of this mandate to Treasury, for the release of FnF:
In this article, where he laid out their demands:
A stance later recovered by Mike Bloomberg in his electoral manifesto, sponsored by China (Government Explicit Guarantee on MBSs and CRTs). BLOOMBERG2020
A showdown FHFA - Congress is brewing:
FHFA always asks for Chartering authority in its Reports to Congress, etc.
CONGRESS-FHFA SHOWDOWN
— Conservatives against Trump (@CarlosVignote) January 25, 2024
The UST's authority chose a Housing Fin.Sys revamp for the release,but FHFA overstepped:
-Asking for🆕Charter authority
-JPS,unwanted(CET1>2.5%)
-Merger FnF: FNMA's HQ lease cut short "if it's significantly changed"
-Lamberth:Back divs+Atty fees.#Fanniegate https://t.co/kqzxVXFd3X pic.twitter.com/4uTotg7AOP
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