Mark Calabria

GSE reform

Are Treasury, FHFA running out of time to approve GSE capital boost?

The agency that supervises Fannie Mae and Freddie Mac has pushed for revising an agreement with the Treasury Department allowing the mortgage giants to retain their profits. A deal could be out of reach once Joe Biden takes office.

By Hannah Lang

January 8

Treasury Secretary Steven Mnuchin has said that he supports changing the terms of the government’s ownership of the companies to allow them to hold more capital. But it remains to be seen if he will ultimately sign off on the change in the last few days of the Trump administration.

GSE reform

FHFA proposes formal liquidity rules for GSEs

The proposal builds on guidance the agency gave to Fannie Mae and Freddie Mac earlier this year.

By Hannah Lang

December 17

GSE reform

FHFA issues capital rule, previews next steps on plan to release GSEs

The new capital framework for Fannie Mae and Freddie Mac is a prelude to letting the mortgage giants potentially retain all their earnings. But efforts to privatize the companies could face pushback from the Biden administration.

By Hannah Lang

November 18

The FHFA's final capital rule, which is similar to a proposal unveiled in May after the agency scrapped an earlier 2018 plan, is considered a huge step in freeing Fannie and Freddie from government control.

FSOC

Oversight council warns of systemic threat from Fannie, Freddie

The Financial Stability Oversight Council said the mortgage giants may need a bigger capital cushion than their regulator has proposed, but stopped short of designating them as “systemically important financial institutions.”

By Hannah Lang

September 25

The council's announcement came weeks after the public comment period closed on the Federal Housing Finance Agency’s post-conservatorship capital framework for Fannie Mae and Freddie Mac.

GSEs

Calabria to Congress: If you don’t like crisis fee, then fund GSEs

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

By Neil Haggerty

September 16

FHFA

Agencies extend freeze on foreclosures and evictions to end of year

Both the Federal Housing Finance Agency and Federal Housing Administration are extending relief for homeowners and renters due to the pandemic crisis.

By Hannah Lang

August 27

GSE reform

GSE, fair-lending policies could look radically different if Biden wins

If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

By Hannah Lang

August 24

In a Biden administration, Obama-era efforts to toughen regulatory standards for the mortgage sector could be renewed, while President Trump's reelection would likely mean more deregulation.

GSEs

Fee to shield Fannie, Freddie from COVID losses draws instant backlash

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

By Hannah Lang

August 13

The adverse market fee announced by Freddie Mac and Fannie Mae drew criticism from industry representatives and analysts who said it will make it harder for borrowers to refinance their mortgages.

FHFA

FHFA's challenge: Convincing Supreme Court it's not CFPB

A recent ruling declaring the Consumer Financial Protection Bureau’s structure unconstitutional signaled that a similar outcome awaits the Federal Housing Finance Agency. But the FHFA will argue in a new case that it does not deserve the same fate.

By Hannah Lang

July 14

The Supreme Court granted "certiorari" to Collins v. Mnuchin last week, setting the high court up to hear the case brought by Fannie Mae and Freddie Mac shareholders that claims the structure of the FHFA runs afoul of the separation of powers doctrine.

FSOC

FSOC to look more closely at secondary mortgage market

The council created by the Dodd-Frank Act to identify systemic risks launched a review of the market as part of an activities-based approach that shifts focus away from targeting individual firms.

By Hannah Lang

July 14