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.
Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage.
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.
Hinting at the possibility of allowing nonbanks to become members of the FHLBank system, FHFA Director Mark Calabria said the agency could engage in rulemaking by mid next year.
FHFA Director Mark Calabria said to exit conservatorship Fannie Mae and Freddie Mac will have to be adequately capitalized and make appropriate changes to their culture.
FHFA Director Mark Calabria: "That might be fine for a normal company, but these are companies that are in conservatorship. They’re essentially in bankruptcy.”
Ocwen Financial may have some MBS-related exposure, according to a new regulatory filing. Also, FHFA Director Mark Calabria opens up some more about the business practices of Fannie and Freddie.
Calabria stressed the plan is process-based rather than calendar-driven. He also pointed out that the two mortgage giants will have to be adequately capitalized and make appropriate changes to their culture.