Personally, I think Calabria was counseled on capital standards by Mnuchin, with the thought that you set your capital standards purposefully high so that when the comments come in.....which would have been to lower the number no matter what it was...you have room to lower them.
Remember who we are really dealing with here......Trump and Mnuchin. They are basically running things from behind the scenes. Trump has his fingerprints on everything in his administration. Everyone knows that.
Ackman says Fannie, Freddie 'firmly' on path to end conservatorship
FNMA, FMCC Bill Ackman's Pershing Square Holdings said in the company's semiannual report,
"Fannie and Freddie, along with their regulator and conservator FHFA, have continued to make substantial progress toward ending their conservatorships.
While FNMA and FMCC common shares have declined 29% and 27%, respectively, year-to-date, possibly due to uncertainty created by the upcoming presidential election, we believe that both companies are now firmly on a path towards exiting conservatorship and raising substantial first-loss private capital...
We believe the recently proposed capital rule fails to balance the objectives of safety and soundness of the GSEs with the need to deliver affordable mortgage rates to consumers, and market returns to investors.
In order to emerge from conservatorship, Fannie and Freddie must earn sufficiently high returns on capital to attract investors who can provide the tens of billions of equity capital for the companies to recapitalize.
Earlier this month, we submitted a public comment letter on the re-proposed capital rule which addresses these issues...
The Covid-19 crisis has further highlighted the critical role Fannie and Freddie play in the housing finance system.
When the crisis hit, competitors withdrew from the market, leaving Fannie and Freddie among the only sources of mortgage capital for homeowners."
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