I agree. I am, frankly, shocked that no one has raised this previously. If Fannie recognizes the GSE Act as the operative statute driving conservatorship, HERA is being thrown out by Treasury as little more than a red herring, IMO. I have not checked whether Freddie makes any similar statement. I will say that the FHFA GSE History paper makes little to no mention of HERA and none, at all, of it being the driver of the conservatorship drama since 2008.
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