Thanks, this was a useful and relatively easy read. I found one other section interesting. Calabria devotes a lot of text to FHFA's added resources in research and data collection/analysis. I bet this is preparatory to him arguing that he has more data on capital requirements than any of the objectors to the 4% level. This aligns well with his later point that 4% would have been the cap level needed in 2008 to keep the housing market afloat in a safe and solvent way. Unsaid, but likely implied is the answer to any question about why the GSEs both objected to the rule he proposed... they want early release to get true executive pay and performance incentives. Freddie's former CEO actually has stated he took the job as a public service commitment and not for what it paid.
The other thing that struck me is his intense focus on minority related FHFA initiatives and staffing enhancements, followed later by a review of losses sustained by African American and Hispanic homeowners during and following the 2008 Financial Crisis. He is making the point that capital is the only defense to a repetition of that phenomenon. Clearly he is targeting Waters and Brown with this focus.
His comment on renters whose landlords were being covered by GSEs payment forbearance was quite surprising and something I had not considered too much. Impressive help to virus-furloughed renters.
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