“Three years appears to be an inordinately long period to fully implement the advisory bulletin,” writes the IG of the Federal Housing Finance Agency.

Roughly, 60 percent of real estate loans made by credit unions are sold to Fannie Mae and Freddie Mac, compared to only 44 percent for all financial institutions.

At June 30, Fannie Mae and Freddie Mac had a combined $5.78 billion in outstanding repurchase demands, a 17 percent decline from the first quarter.

The IG's evaluation survey found that the total cumulative voluntary attrition rate at Fannie’s capital markets group “increased somewhat” from January 2010 through 2012.

The PATH Act awaits a vote on the House floor. But Hensarling’s measure is widely viewed as a non-starter in comparison to the Senate’s bipartisan Corker-Warner bill.

Industry reaction to Obama’s speech was generally favorable, particularly as it related to his call for continued, unfettered access to the 30-year FRM.

In other words, if Fannie keeps earning money at this rate, it could repay its “debt” to Treasury by year-end or the first quarter of next year.

“It is difficult to project how many HARP-eligible loans will ultimately be refinanced,” the FHFA IG writes in a new report.

Between 2008 and early 2011, unsecured credit extensions by FHLBs to European institutions swelled from $66 billion to $123 billion.

The Senate opted to leave town this week for its five-week August recess without calling a vote on President Obama’s nominee to head the Federal Housing Finance Agency. Two weeks ago, Rep. Mel Watt’s...