Home / Daily Dose / FHFA Announces Milestone Toward Ending Conservatorships Demand Propels Home Prices Upward 2 days ago November 18, 2020 1,170 Views in Daily Dose, Featured, Government, News Related Articles The Best Markets For Residential Property Investors 2 days ago Fannie Mae FHFA Freddie Mac 2020-11-18 Cristin Espinosa Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Cristin Espinosa is a reporter for DS News and MReport. She graduated from Southern Methodist University where she worked as an editor and later as a digital media producer for The Daily Campus. She has a broadcast background as well, serving as a producer for SMU-TV. She wrote for the food section during her fellowship at The Dallas Morning News and has also contributed to Advocate Magazine and The Dallas Observer. Tagged with: Fannie Mae FHFA Freddie Mac The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Federal Housing Finance Agency (FHFA) released a final rule to the Federal Register for publication today that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac, also known as the Enterprises.The final rule makes changes to the proposed rule that was published in the Federal Register on June 30 of this year. The June proposal was a re-proposal of the 2018 regulatory capital framework proposal, which was based on the Conservatorship Capital Framework that the FHFA implemented in 2017.The final rule works to fulfill Congress’s Housing and Economic Recovery Act of 2008, which requires the FHFA to set in place “risk-based capital requirements” for Fannie Mae and Freddie Mac. The final rule is to meant to “ensure the safety and soundness of the Enterprises by increasing the quantity and quality of the Enterprises’ regulatory capital and reducing the pro-cyclicality of the aggregate capital requirements,” according to a press release from the FHFA.“Fannie Mae and Freddie Mac have a mission to serve the American housing market during good times and bad,” FHFA Director Mark Calabria stated in the press release. “After considering all the comments on the proposed rule, and the Financial Stability Oversight Council’s (FSOC) review of the secondary mortgage market, FHFA is confident that the final rule puts Fannie Mae and Freddie Mac on a path toward a sound capital footing. Increased capital means that they can serve all Americans, especially low- and moderate-income families, throughout the economic cycle.”Calabria also noted that the final rule is “another milestone necessary for responsibly ending the conservatorships.”Fannie Mae CEO Hugh R. Frater made an official statement on the final rule: “FHFA’s capital rule for the housing GSEs is an important step in ensuring the housing finance system can serve the needs of homeowners, renters, and the broader mortgage market for generations to come. The new capital standards set the stage for a responsible end to the conservatorship and a future recapitalization of Fannie Mae. We applaud Director Calabria for his leadership in finalizing the rule. Fannie Mae is a very different company than at the beginning of conservatorship. We are better managed, better regulated, and better able to serve homeowners and renters. Adequate capital will allow us to build on these advances by operating safely and soundly, protecting taxpayers from loss, and serving our affordable housing mission.”This final rule has a similar structure and approach as the proposed rule published in June. As the proposed rule states, “an Enterprise must maintain tier 1 capital in excess of 4.0 percent to avoid restrictions on capital distributions and discretionary bonuses.”Among other refinements in the final rule, the FHFA has made three especially notable changes to the risk-based capital requirements. These changes are as follows:Increased capital relief for credit risk transfers (CRT)Reduced capital requirements for single-family mortgage exposures subject to COVID-19 related forbearanceIncreased the exposure level risk-weight floor for single-family and multifamily mortgage exposures to 20 percentThe FHFA is also providing a data supplement to the expanded-data FHFA House Price Index (HPI) along with the release of the final rule. According to the press release, “the augmented data series is provided in support of the final rule, which includes a countercyclical adjustment to single-family mortgage exposures based on the deviation between the inflation adjusted level of the index and an estimated long-run trend.” The FHFA also stated that the final rule uses “the updated expanded-data FHFA HPI as the basis for the countercyclical adjustment.”A fact sheet on the final rule is available here. 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A disagreement over transfer funds is threatening to disrupt Swansea’s summer plans but manager Michael Laudrup is expected to still be in charge of the club next season, Press Association Sport understands. The friction between chairman Huw Jenkins, and Laudrup and his agent Bayram Tutumlu, is understood to centre around the amount of money Swansea are prepared to spend on new signings, and there have been suggestions the Dane could leave the Liberty Stadium. Laudrup guided the Swans to Capital One Cup glory last season, as well as a ninth-place Premier League finish, and has been linked with clubs such as PSG and Real Madrid. Laudrup had hoped those successes would give him the leeway to spend heavily this summer with Swansea preparing for a Europa League campaign. Just last week the Dane had said it would be very difficult for Swansea to improve ”unless we find a couple of hundred million pounds”. It is understood Laudrup has become frustrated at the lack of progress made in securing some of his summer transfer targets, as well as the club’s desire to continue with the sensible spending approach which has served them so well during their rise through the divisions. Celta Vigo striker Iago Aspas was one of Laudrup’s main transfer targets, but now appears set for a move to Liverpool, while the Swansea board would be reluctant to provide the sums of money required to capture the likes of St Etienne’s Pierre-Emerick Aubameyang and Sevilla’s Alvaro Negredo. Jenkins and Tutumlu are expected to hold further talks on the issue, with a rapid resolution needed, but Laudrup is expected to remain in charge next term. Tutumlu recently said Laudrup would remain with Swansea, despite having offers from other clubs, but added the caveat that that would be the case if the Swansea board made good on assurances he claims they gave to Laudrup when he signed a contract extension in March. Press Association
Suarez has never been too far from controversy throughout his career – Liverpool boss Brendan Rodgers often refers to the 26-year-old playing “on the edge” – but Johnson believes that fighting spirit is what makes Suarez so effective. “I’ve not known anyone like him in terms of living on the edge and wanting to win so badly,” Johnson told Press Association Sport. “There is a fine line and that is probably why some people get frustrated when things aren’t going their way – sometimes that’s a good thing and sometimes it’s not such a good thing.” Suarez’s controversial past makes him an easy target for opposition fans, but this season has seen the striker improve his focus and control his aggression – one booking in 11 appearances so far is testament to that. He may never win over his harshest critics but some of the goals he has scored – including some supreme strikes in his four-goal haul against Norwich last week – can at least be appreciated by the wider public. “Obviously he had a few little mistakes – outbursts – on the pitch but nine times out of 10 he is perfectly normal and that is what we are seeing now,” added Johnson. “Providing things don’t stir up again you are seeing what we see every day now.” Johnson said Suarez’s value to Liverpool could not be measured in purely financial terms and in that respect was echoing the sentiments of owner John Henry, who stressed in August there was no possible way he could countenance selling to one of the club’s main rivals amid interest from Arsenal. Liverpool defender Glen Johnson admits he has never encountered anyone in football with a will to win like Luis Suarez. “Usually some owners will say that to push the price up but John Henry said that and stuck by his guns,” said the England defender. “I think that was great and if we want to get the club back to where it belongs we need all our best players. “He is clearly a massive player for us and some of the goals he has scored have been laughable.” With Daniel Sturridge, who has nine league goals, and skipper Steven Gerrard both injured for the trip to Tottenham, Liverpool suddenly look over-reliant on the scoring threat of Suarez. Their next highest scorer – discounting three own goals – has just one. Johnson is confident, however, that the rest of the squad can step up in the absence of Sturridge and Gerrard. “We’ve not dropped outside the top four once and Luis didn’t play for the first five weeks,” he said. “That is another sign that the squad is brilliant. We need Luis to play and continue this form but we have a good squad, it is not just all about Luis. “Clearly we want to be getting goals from set-pieces, goals from midfielders, everyone chipping in, you can’t just lean on one person.” The clash at White Hart Lane is billed as one between top-four rivals but not necessarily title contenders. However, Johnson believes the Reds, who began the weekend in second place, five points behind Arsenal, should have higher aspirations. “Both clubs are fighting to be in the top four. It doesn’t mean we are happy to stay fourth – top four is the minimum,” he said. “People are entitled to think what they like about what teams will do well but I’ve always been confident because we have some great players here and a good squad. “Last season we were only a bit of luck away from doing what we are doing this season in terms of we absolutely battered teams and ended up drawing 0-0 too many times. “At the moment the goals are going in so we are getting the points. “I guess people are saying we’re not title contenders because we haven’t been that for the last couple of seasons. “But we have a different team and squad and we are clearly fighting for the title. “If that happens every week then we will be proving a lot of people wrong.” Press Association The Reds striker has scored 15 times this season in a series of stellar displays and leads Manchester City’s Sergio Aguero by three goals in the race to be the Barclays Premier League’s top scorer. The Uruguay international’s goals have come from just 10 appearances, after his 10-match ban for biting Chelsea’s Branislav Ivanovic last season was carried over into the start of this campaign.