This hearing should be much more informative than the silly listening sessions I wasted time on.
Here is a link to Calabria's written testimony. He is certainly pushing back against the implied attack made by the title of the hearing.
The last section, titled "Looking Ahead: The Urgent Need to Build Capital at the Enterprises and Advance Housing Finance Reform" (starting on page 15) is the most important for shareholders. The use of the words "urgent need to build capital at the Enterprises" is yet another indicator that Calabria wants capital built ASAP and not over several years.
There are a lot of good quotes in that section, so rather than list them all here I would instead suggest everyone read the section themselves. He seems to be sticking to a 4% capital requirement, though. I'll include that quote:
In my opinion, Calabria's idea is that even if FnF raise g-fees in order to attract enough private capital to make FnF safe and sound, it is a case of an ounce of prevention being worth a pound of cure.