Craig Phillips: “When a company fails, the capital structure is typically eliminated and there are no shares left.”

The decision, hinted at in numerous (recent) press briefings by FHFA Director Mark Calabria, is not expected delay to companies’ exit from conservatorship.

The Treasury Department argued producing the documents would be “unduly burdensome” and “disproportionate to the needs of the case.”

The legislation appears to be a de facto extension of the qualified-mortgage patch, according to Cowen analyst Jaret Seiberg. He said the bill could be positive for housing by ensuring the supply of mortgage credit is not constrained.