I'd like to interject. Mr Howard posted some comments on his webpage about CRT risk transfers as he just did a presentation on the topic for Compass Point. someone posed him a question about Watts testimony , specifically that Watt had stated that FNMA might only need 2%-3% capital buffer so he was responding to the question and did not set out to comment on Watts testimony. the gist of his comment was that Watt still did not understand the business that well as he apparently stated the reason FNMA needed less than a bank as because of the risk transfers being effective off-putting of risk. Howard says theyre not banks and shouldn't be treated like banks with respect to capital. He also is strong proponent that the risk transfers are just giveaways to the large banks. I have read his stuff extensively and he is very knowledgeable though because of this people do write him and ask his opinion quite frequently.
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