Fannie and Freddie are earning a ton of money. But that isn't the problem...

CSS, a joint venture of Fannie Mae and Freddie Mac, has been on something of a hiring spree of late. In 2020, at the direction of the Federal Housing Finance Agency, the company increased the size of the board by three members, the last two of which were picked early this year. In December, CSS also picked a new chief technology officer.

Overall, the FHLB profit picture was somewhat worse in the fourth quarter. Their combined net income fell to $657 million, down 20.4% from the third quarter...