Time is of the essence if FHFA Director Mark Calabria wants Fannie and Freddie irrevocably out of conservatorship before a possible change in administrations in November.

Unemployment benefits appear to have kept the real estate market from crashing, according to FHFA Director Mark Calabria.

In its annual report to Congress, the FHFA recommended legislation that will allow it “to examine the records, operations and facilities” of all Fannie/Freddie servicers.

The FHFA director said he decided to re-propose the rule because it was important for the process to be “extremely transparent and open.”

To promote the fungibility of the uniform MBS, Fannie and Freddie will more closely align how they evaluate their seller/servicers.

Most of the concerns about the new regulation hinge on how much profit the GSEs can make under the bumped-up capital levels. Most industry observers appear to be on the side of “not enough.”

The platform is used to estimate the future performance of the loans owned or guaranteed by Fannie Mae and Freddie Mac.

According to former Fannie Mae CFO Tim Howard, the re-proposed capital requirements are almost 40 times the average of that indicated by stress tests conducted on the GSEs last year.

The move suggests the GSEs’ public offerings — estimated by some to be worth as much as $200 billion — may take place in the midst of the worst economic crisis since the Great Depression.

In two separate cases filed by GSE shareholders against the government, the Court of Federal Claims meted out different results.