The wiseman has lost his wisdom. He is just the man now. Maybe take your advise and read the actual safety and soundness act. New products sold under the section of the charter act that authorized the Treasury backstop are defined as products. Activities are separate from products. SPS meet that definition. They were new and obligate the GSEs to pay their networth to Treasury as a liquidation preference. APA applied to FHFA director Lockhart. He ignored. This makes SPS illegal. Sorry to burst your bubble.
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