Under the final rule, Fannie and Freddie will have to hold slightly more than $283 billion in capital. That’s $49 billion more than what FHFA had estimated when it re-proposed the rule in May.

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.

Could investors sink their money into the GSEs only to have Congress convert them into public utilities and closely supervise their g-fees?

Freddie issued $6.4 billion of CRT in 3Q on $167.3 billion of single-family mortgages.

The trade group reiterated that Fannie and Freddie should not be permitted to exit conservatorship until further systematic, wholesale and long-term reforms are made permanent.

Industry stakeholders said FHFA should find tremendous value in the CRT program as it reduces systemic risk by distributing risk across many investors and transactions.

Wells Fargo and Chase together accounted for more than half of all borrowers exiting forbearance in July, Wells Fargo Securities found in its deep dive into new, loan-level data on Fannie Mae’s Connecticut Avenue Securities.

When questioned about the steep fee the GSEs charge to buy early forbear-ance loans, the FHFA director turned the tables on the lawmakers: Why didn’t Congress pay for it in the CARES Act?

Wells Fargo Securities predicts the delinquency rate for high quality Fannie collateral — mortgages with loan-to-value ratios between 60% and 97% — will reach 4.3% in October.

The Structured Finance Association said it is concerned FHFA believes that, if the GSEs have capital levels similar to banks, the need for an explicit guarantee will be eliminated.