"So, in your analysis, FHFA is bound under HERA to act without any consultation from any other governmental agency, any input from the President, Treasury Secretary, Federal Reserve Chairman, blah, blah, blah and must make all its decisions in a vacuum and, thus, take total responsibility for the largest part of the American economy as some super agency?"
YES! Welcome to the world of Conservatorship! If the FHFA didn't feel they were equipped to act as Conservator, they should not have taken on that role. But they did take on the role...and it is NON-DELEGABLE.
And HERA clearly states that the Conservator SHALL not take direction from ANY other government organizations.
News 
Market Data 
Discover 
