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Wednesday, June 12, 2013 2:32:40 PM
This intro is just to say that from her opinion the conclusion reached was that Treasury's interest was that of a shareholder (holding warrants and Sr. preferreds) out of which NO permanent control could be determined. (no full intervention, no nationalization, etc.).
As for the role of the Treasury in changing the agreement, the PSPA includes a clause that delegates this authority to the Treasury alone and there is no interference with decisions done by Fannie or Freddie. Please note, changing the agreement affects Fannie Mae and Freddie Mac BUT the agreement is only between Treasury and FHFA -the conservator-. The companies have NO say. The agreement has given Treasury both the authority to set the terms and the role of a shareholder.
GSEs management, BOD and shareholders are frozen in time with c-ship. DeMarco occupies all those roles, technically. Although he has had the good sense not to get too involved and has given the new BOD and the new management A LOT of leeway.
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