Navy....I think the key point that he and others are missing here is the associated consent decree with the GSE's. This places them back in the hands of their rightful owners while allowing them the ability....in this case consent...to raise their own capital. This makes perfect sense. The FHFA is required to provide full capital standards.....not be the fundraiser for a PO. Calabria himself points to this not only by his recent statement I just referenced, but also by his desire to release the GSE's ASAP. This was the point that Josh Rosner brought up long ago, which certainly appears to have taken hold with Calabria, of late.