"He has covered his butt on the GSE issue (the letter from yesterday is prime example). "
NORC, Thanks for your comments.
However Mel Watt can not escape from anything by trying to put his responsibility on Congress or Mnuchin or previous conservators or someone else. Laws will squarely hold Mel responsible for all wrong doings and lapses.
HERA is very clear about roles and responsibilities of FHFA and FHFA Directors and conservators. If one reads FHFA court filings, it is also very clear that FHFA has claimed very broad authorities to do anything with FnF and also hand out free passes to anyone to violate US laws with impunity. Also Perry appeals Court seems to have affirmed these claims.
It is not clear in anyway, why Mel Watt believes that it is the responsibility of the congress to act before he can end conservatorship or allow FnF to build their capital reserves. This is what MBA and big banks want. With DJT administration, FnF policies have changed but Mel Watts wants to pursue policies from obama administration's to wind down FnF.
One can not find such directives anywhere or congress has not passed such resolution. Mel Watt needs to substantiate his personal beliefs with proper legal authorities to do so. Public officials can not use their personal beliefs as an excuse to ignore or violate the laws or duties.
Mel Watt needs to realize that FHFA conservators can no longer continue as a lawless fake Obama conservator. FHFA Conservator's duties are not in any way connected with Congress doing something.
DJT administration can not afford another major crisis with such a feckless conservators.
News 
Market Data 
Discover 
AI
