The FHFA is not conservator of the FHLBanks, so it cannot “step into the shoes” of the FHLBanks’ boards of directors, the FHLBs argue.

Fannie and Freddie raked in billions of dollars from the loan-level price adjustment before FHFA pulled the plug last week. Are more Calabria-era rules on the chopping block?

Trade groups are focusing on the PSPAs’ impact on the ability of the GSEs to cross-subsidize their affordable housing efforts.

Under the new proposal, agency MBS received through reverse purchase agreements would not be considered high-quality liquid assets, a departure from coverage ratio standards used by bank regulators.

Trade groups representing appraisers said the proposed automated valuations are really just rebranded desktop appraisals, not too dissimilar to the ones that helped crash the housing market in 2008.

The MBA said it will continue to negotiate the suspect provision of the PSPA, while Rob Zimmer of the CMLA hinted at efforts to abrogate the new rule.

The amended preferred stock purchase agreement provides Treasury with a liquidation preference, which undermines the GSEs’ ability to afford an exit from conservatorship.

The new PSPA will allow Freddie Mac and Fannie Mae to continue retaining earnings until they reach the regulatory minimum capital — almost $283 billion combined.

According to the U.S. Census Bureau, 19.4% of Black borrowers missed or delayed their September mortgage payment. The University of Southern California’s Understanding America Study put the figure at just 5.9%.

The new rule provides clarity about how much and what kind of capital Fannie and Freddie will need in order to exit conservatorships. But the likelihood of that kind of capital raise seems remote.