Yes. If you read HERA 2008, you will find how that contradictory action occurs. HERA 2008 gave specific authority to the US Treasury to handle the financial outcomes of the GSEs. So while DeMarco and the GSEs worked hard to become solvent and essentially they are if there were no dividends and net worth sweeps, the PSPAs literally rob them of solvency.
It is important to realize that DeMarco knows this and he and Jacob Lew have come to an understanding. That understanding can be found in DeMarco's and Lew's (among two others) report to Congress where solvency is taken out of the discussion, suspended in the ratings tables and no discussion of solvency is had at all. It is simply nullfied by the PSPA. Now why would you think that is occurring the bright sunlight of a report to Congress?
It is not hidden at all.
One answer to that is so that the disorganized and polarized Congress cannot call for the GSEs to be released since they are not solvent. They are not ready to handle the GSEs now or in this year and probably the next few years.
The report is to Congress. It is obvious what is going on.
See page 17 for the rating table and page 18 for the reason for non-discussion about solvency. Different pages further in for Freddie Mac and the same wording and table rating is given.
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