Replies to post #766909 on Fannie Mae-No Politics (FNMA)

[Rodney5]

Director Lockhart Regulator cannot just decide to change the LAW.

The Senior Preferred Stock was a new product, a new product OBLIGATION, that had never ever been sold ever in the past by the enterprises. The FHFA violated the safety and soundness act of 1992 and the administrative procedures act. This new product is not what Congress intended written in the Charter Act Treasury purchase of obligations under the subsection.

The Director of FHFA as regulator violated the safety and soundness act and the administrative procedures act by not following the statutory duty to approve new products issued by the GSEs to Treasury for the purpose of stabilizing the secondary mortgage market. The law required the publication in the federal register of the SPS with their variable rate liquidation preference tied to the commitment. It requires a public comment period, and a rule making process to make the SPS legal. It is the same law that required the capital rule. And the same law that required FHFA a year ago issue the new products law for MBS products. They have ignored this requirement for 15 years.