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Second, it’s unreasonable to assume the design could work effectively through many decades of often unpredictable changes in markets, legislation, and regulation. In summary, the reforms that were called for by many critics of F&F prior to 2008, but which never happened, have been substantially implemented within conservatorship.
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Rather, the root cause has been the long-running blocking of reforms to reinstate price competition in housing and mortgage markets, which contrasts with other industries where such reforms have instead been successfully implemented in past decades. The FHFA, from its founding in 2008 to 2021, was an independent regulator.
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2 In November of last year, the Federal Housing Finance Agency (FHFA), the regulator and conservator of the two companies, issued its annual report on their G-fees (the G-fee Report), covering calendar year 2021. This clear policy standard for setting the average G-fee was, however, thrown into some uncertainty in 2020. percent to 0.49
In Part 3, I describe what implementable policy leverage points make sense, in my view. 2] Also, See Fannie Mae, “Manufactured Housing Landscape 2020,”( [link] ). million MH units (meaning structures) in 2020, 4.8 By comparison, median household income was rising from 2016 through 2020 by only 2.6
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Note that I think my Signature Streets concept is more expansive (" Extending the "Signature Streets" concept to "Signature Streets and Spaces" ," 2020). -- Complete Streets webpage , US DOT, via archive.org It's not the end of the world. And, umm, such interventions are already studied before being implemented.
The issue is addressed in two notices published by HUD on June 20, 2019, related to duplication of benefits for Community Development Block Grants – Disaster Recovery ( CDBG-DR ): 84 FR 28836 (June 2019 Duplication of Benefits Notice, referred to herein as the “ DOB Notice ”) and 84 FR 28848 (June 2019 Duplication of Benefits Implementation Notice).
One, it placed the companies into conservatorship, an obscure legal status in which they would continue to operate, but with their regulator, the FHFA, [3] in operational control of the companies in lieu of their stockholders and boards of directors. It was later revised, and meant also to be used post-conservatorship, in 2020. [10]
reforms that Treasury and the Federal Housing Finance Agency (FHFA), the regulator and conservator of F&F, could undertake instead. reforms that Treasury and the Federal Housing Finance Agency (FHFA), the regulator and conservator of F&F, could undertake instead. This constituted a major weakness of the proposals.]]
In terms of timing, this focus seems misplaced because such changes can be made and implemented in a matter of months, while exiting conservatorship, if and when decided, would likely take years to implement. However, legislation gave the FHFA considerable discretion to implement them and set the required goals for the GSEs.
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