Fannie Mae (FNMA) and Freddie Mac (FMCC) are two companies that the Federal Housing Finance Agency (FHFA) is preparing to raise capital as part of a Treasury centric plan to end the conservatorships. Until late last year, the conservatorships were run by an FHFA that was built around plundering their capital structures as part of preventing Fannie and Freddie from exiting conservatorship. Last year, Mark Calabria became director of FHFA and has subsequently been wandering around telling everyone to follow the law:
By contrast, the powers and responsibilities of FHFA