The FHFA director said Fannie Mae and Freddie Mac may fully exit conservatorship as early as 2022. Meanwhile, on FHLBank membership to non-banks, Calabria said the agency will soon be putting out a request for information.

Treasury claims the GSEs’ unfair advantage is because of their capital treatment. Urban Institute researchers say it’s because of the government backstop of their credit risk.

A District Court judge ordered the Treasury Department to produce all documents attached to subpoenas. He also asked the Treasury to produce a log of any documents withheld based on an assertion of privilege.

A GSE offering volume discounts to its customers? Apparently so, but the disclosure, which came from the FHFA, was light on details.

Freddie Mac CEO David Brickman said the GSE has changed, exponentially, in its ability to understand and analyze risk.

The new strategic plan lays out three objectives. However, the agency’s parameters are both general and vague. Don’t bet on legislation.

Asked whether freeing the GSEs from conservatorship might enrich hedge funds, FHFA Director Mark Calabria said he would be willing to zero out their interests.

Fannie and Freddie once again posted strong earnings but the results would have been even better if not for large hedging charges. (Includes data chart.)

The case hinges on whether the single-director structure of FHFA is unconstitutional.

Based on current earnings, it will take until 4Q20 or 1Q21 for Fannie to accumulate its statutory minimum capital requirement. For Freddie, the wait will be a little longer — until the 2Q21.