Mike, Thank you for sharing...If I may...I wanted to highlight a few key points: Written by timhoward717~ Fannie Mae-Straight Talk - May 14, 2014
Although as I predicted, Watt did not overtly address the releasing Fannie and Freddie from conservatorship he did make it perfectly clear that he will not wait forever for congress to act. He made bold moves to set Fannie and Freddie back on track and to be around forever.
Let’s look at a few key points “Watt said that he would scale back a DeMarco-initiated project to create a “common securitization platform” to be used by both companies and later by private securitizers in a future housing-finance system.
Watt said the effort will instead focus on developing new technology to be used by Fannie Mae and Freddie Mac to jointly issue mortgage-backed debt rather than separate bonds.
This is a huge move as Demarco was forcing Fannie and Freddie to build a platform to be used by future competitors; Watt ended this.
Watt also said –“I do not think it is the FHFA’s role to contract the footprint of Fannie and Freddie,” This is an 180 degree pivot from Demarcos policies which were to shrink Fannie and Freddie opening the door for their replacements.
Finally, he made it clear that the conservatorship was never meant to be permanent and that if DC fails to pass legislation dealing with Fannie and Freddie he will complete what he started yesterday.
As far as the big vote tomorrow I can only hope the animosity that has overtaken the Committee spills out in the vote tomorrow The situation understandably is in major flux I will give more updates later. It should be an exciting 24 hours! Keep the Faith! Source: http://timhoward717.com/
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