Dealing with the risks in Fannie Mae’s and Freddie Mac’s portfolio is more complicated than simply reducing the footprint of the government-sponsored enterprises, FHFA Director Mark Calabria told IM&A.

As most observers expected, the Treasury reform plan leaves most of the important details for Congress or the Federal Housing Finance Agency to figure out.

Treasury Secretary Steven Mnuchin shed some light on how renegotiating the preferred stock purchase agreements by the Treasury and the Federal Housing Finance Agency might impact plans to recapitalize Fannie Mae and Freddie Mac.