Parsing words has no bearing on reality. FnF are regulated by FHFA that assumed that responsibility under HERA. At such time in 2008, no operative regulatory authority existed under the Charter Act, only HERA.
FnF are of course not "regulated" by Treasury, nor did I ever state or imply any such insane idea. However, FnF are fully and legally bound under the terms of the legal contract co-signed by FHFA and UST. That contract in SPSPA is strikingly similar to the contract agreement similarly struck between AIG & the Federal Reserve.
FACTS MATTER.
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