The mortgage industry has resigned itself to no administrative end to the Fannie and Freddie conservatorships. It’s still unclear what happens to the GSEs’ capital requirements.

Industry insiders are speculating whether former FHFA Director Mark Calabria delayed the release of the 2020 stress tests results because they contradicted his proposed capital rule.

Industry insiders argue over whether the credit-risk transfer programs are overpriced catastrophic insurance for the GSEs or a cheap form of capital.

Since 2013, CRT has cost Fannie Mae and Freddie Mac a combined $15 billion, but provided just $50 million in benefits, according to a new FHFA report.

GSE watchers criticized FHFA Director Mark Calabria’s failure to acknowledge the agency’s role in the mortgage meltdown in 2008.

Industry insiders speculate on how the Biden administration might alter the recently amended preferred stock purchase agreement.

The amended preferred stock purchase agreement provides Treasury with a liquidation preference, which undermines the GSEs’ ability to afford an exit from conservatorship.

The new PSPA will allow Freddie Mac and Fannie Mae to continue retaining earnings until they reach the regulatory minimum capital — almost $283 billion combined.

Justice Breyer characterized the net worth sweep as the nationalization of the GSEs. The government and the court-appointed amicus curiae disagreed, describing it as a simple renegotiation of a contract.

This won’t be Ron Klain’s first dance at the White House. He has also served as chief of staff of two vice-presidents: Joe Biden (2009-2011) and Al Gore (1995-1999).