As the first Senate-confirmed head of domestic finance in nearly a decade, the former Fed economist could play a vital role in renegotiating the PSPAs between Treasury and FHFA.

Changes to Fannie’s loan agreements allow the company to more closely monitor compliance with OFAC rules and anti-money laundering and anti-corruption statutes.

One unintended consequence of the court ruling: The Biden administration got the greenlight to reform the GSEs without the help of Congress.

Besides using its own enforcement powers, FHFA will be referring cases to other appropriate agencies, including the Department of Justice.

Although most housing advocates applauded the Supreme Court’s Collins decision, shareholders argue the justices ignored key points. Nevertheless, legal experts say there’s little chance the plaintiffs will prevail when the case returns to circuit court.

Craig Phillips, senior counselor to Treasury Secretary Steven Mnuchin, recounts the Trump administration’s difficulties in ending the net worth sweep and the conservatorships.

A recent report from the Congressional Research Service suggests that it may be difficult to simultaneously raise the capital requirements for the GSEs and shrink their footprint, and still expect them to attract equity investors.

Veteran analyst Dick Bove says tapering by the Federal Reserve and meddling by the FHFA will eventually force the Biden administration to address housing-finance reform.

Small lenders believe the GSEs should offer special programs for small servicers and rural appraisals. And like their larger competitors, they don’t like the new PSPAs.

Industry insiders argue over whether the credit-risk transfer programs are overpriced catastrophic insurance for the GSEs or a cheap form of capital.