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Regulator Seeks Authority to Charter Fannie/Freddie Competitors
Tuesday, June 16, 2020
The Federal Housing Finance Agency (FHFA) released its annual Report to
Congress for 2019 on Monday. The report summarizes the FHFA's activities
as regulator of the Federal Home Loan Banks (FHLBanks) and as both regulator
and conservator of the GSEs Fannie Mae and Freddie Mac. The report addresses
how FHFA has fulfilled its statutory responsibilities, the financial condition
of the GSEs and FHLBanks, and details the agency's response in 2020 to the COVID-19
outbreak. FHFA Director Mark Calabria again called on Congress to reform the nation's housing
financing system, saying that only legislative
action can address the flaws that were at the root of the 2008 financial crisis
and continue to pose risks to taxpayers and financial stability. He said, "There are critical
vulnerabilities in our housing finance system that put taxpayers and our
housing market at risk. The financial stress on our mortgage markets caused by
the COVID-19 crisis is only the latest example."
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