Publication Details

Type

Proposed Rulemaking

Document Number

2018–14255

Federal Register Publish Date

07/17/2018

Federal Register Citation

Comment Open Date

06/12/2018

Comment End Date

11/16/2018

Comment Status

Closed

Rulemaking Details

Rulemaking

Enterprise Regulatory Capital Framework

Date

12/17/2020

Number

RIN-2590-AA95

Group

Fannie Mae

Freddie Mac

CFR

12 CFR Parts 1206, 1225, 1240, and 1750

CFR Description

ASSESSMENTS; ENTERPRISE CAPITAL REQUIREMENTS

Effective Date

Tue, 02/16/2021 - 12:00

Enterprise Capital Requirements

FOR FURTHER INFORMATION CONTACT: Naa Awaa Tagoe, Senior Associate Director, Office of Financial Analysis, Modeling & Simulations, (202) 649-3140, NaaAwaa.Tagoe@fhfa.gov; Andrew Varrieur, Associate Director, Office of Financial Analysis, Modeling & Simulations, (202) 649-3141, Andrew.Varrieur@fhfa.gov; or Miriam Smolen, Associate General Counsel, Office of General Counsel, (202) 649-3182, Miriam.Smolen@fhfa.gov. These are not toll-free numbers. The mailing address is: Federal Housing Finance Agency, 400 Seventh Street, SW, Washington, D.C. 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

SUMMARY: The Federal Housing Finance Agency (FHFA or the Agency) is proposing a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), which includes a new framework for risk-based capital requirements and two alternatives for an updated minimum leverage capital requirement. The risk-based framework would provide a granular assessment of credit risk specific to different mortgage loan categories, as well as market risk, operational risk, and going-concern buffer components. The proposed rule would maintain the statutory definitions of core capital and total capital.

FHFA has suspended the Enterprises' capital requirements since the beginning of conservatorship, and FHFA plans to continue this suspension while the Enterprises remain in conservatorship. Despite this suspension, FHFA believes it is appropriate to update the Agency's standards on Enterprise capital requirements to provide transparency to all stakeholders about FHFA's supervisory view on this topic. In addition, while the Enterprises are in conservatorship, FHFA will expect Fannie Mae and Freddie Mac to use assumptions about capital described in the rule's risk-based capital requirements in making pricing and other business decisions. Feedback on this proposed rule will also inform FHFA's views in evaluating Enterprise business decisions while the Enterprises remain in conservatorship.

DATES: Comments must be received on or before November 16, 2018.

Public Comments

Below are a compilation of public comments made on this publication.

81 items

CSV

Date Sort ascending	First Name	Last Name	Organization	Comment
11/16/18	Dhi	V	N/A	We're a family of 4 - not a hedge fund or any big bank. I'm just an or… Email: N/A Attachment: N/A
11/16/18	Ken	Fears	National Association of REALTORS	NAR applauds the FHFA in its work to further reform of the secondary m… Email: kfears@realtors.org Attachment: View Attachment
11/16/18	Carol	Bouchner	Genworth Financial	Please see Genworth Financial's comment letter, uploaded below. Email: carol.bouchner@genworth.com Attachment: View Attachment
11/16/18	Nancy	Davidson	Andrew Davidson & Co., Inc.	See attached pdf for comments. Email: nancy@ad-co.com Attachment: View Attachment
11/16/18	Cindy	Chetti	National Multifamily Housing Council/NAA	On behalf of the National Multifamily Housing Council and the National… Email: CChetti@nmhc.org Attachment: View Attachment
11/16/18	Edward	DeMarco	Housing Policy Council	Attached please find the comments of the Housing Policy Council. Email: edward.demarco@fsroundtable.org Attachment: View Attachment
11/16/18	Dave	Ledford	National Association of Home Builders	NAHB appreciates the opportunity to comment on Enterprise Capital Req… Email: dledford@nahb.org Attachment: View Attachment
11/16/18	Edward	Pinto	American Enterprise Institute	Please see the attached PDF. Email: pintoedward1@gmail.com Attachment: View Attachment
11/16/18	Jayson	Donaldson	NorthMarq Capital Finance, L.L.C.	Please see attached letter for comments. Email: jdonaldson@northmarq.com Attachment: View Attachment
11/16/18	Brad	Douglas	Heartland Credit Union Association (HCUA)	See attached Email: N/A Attachment: View Attachment
11/16/18	Robert	Davis	American Bankers Associaton	Comment Letter Attached Email: rdavis@aba.com Attachment: View Attachment
11/16/18	Shane	Gower	N/A	It is sad that an accounting gimmick could put these 2 companies into… Email: N/A Attachment: N/A
11/16/18	Robert	Broeksmit	Mortgage Bankers Association	Please see attached. Email: N/A Attachment: View Attachment
11/16/18	Jorge	Reis	Freddie Mac	Freddie Mac's RIN2590-AA95 Enterprise Capital Requirements Comment let… Email: N/A Attachment: View Attachment
11/16/18	Alfredo	Moreira	N/A	Capital Requirement: just stop the NWS. End the hijack you call conse… Email: N/A Attachment: N/A
11/16/18	Brendan	Kihn	U.S. Mortgage Insurers	Please see attached for U.S. Mortgage Insurers' comment letter. Email: bkihn@usmi.org Attachment: View Attachment
11/16/18	Andy	Ferrara	N/A	Why not keep all the capital? Just say no to the NWS. Email: andyf5410@gmail.com Attachment: N/A
11/16/18	Tim	Buck II	N/A	Stop hiding FHFA and USTreasury's fraudulent actions over the last 10… Email: N/A Attachment: N/A
11/16/18	Patrick	Hickey	N/A	You are knowingly putting taxpayers at substantial credit risk by not… Email: phickey.ph@gmail.com Attachment: N/A
11/16/18	Tom	Feltner	Center for Responsible Lending	Center for Responsible Lending comments to the Federal Housing Finance… Email: tom.feltner@responsiblelending.org Attachment: View Attachment
11/16/18	Andy	Lowy	N/A	This question is very difficult to answer, not because the question it… Email: theandylowy@gmail.com Attachment: N/A
11/16/18	Vee	Natar	N/A	I am not a hedge fund or any big bank. I'm just an ordinary man, who w… Email: veerassun@gmail.com Attachment: N/A
11/16/18	F	N	N/A	Dear Sirs, Thank you for soliciting comments on this difficult and im… Email: N/A Attachment: N/A
11/16/18	Edward	Golding	N/A	See attached. This response was prepared jointly with Laurie Goodman a… Email: egolding@urban.org Attachment: View Attachment
11/15/18	Donald	King	DUS Advisory Council	Please see attached Email: N/A Attachment: View Attachment
11/15/18	Dallin	Merrill	SFIG	Please see comments on the Proposed Enterprise Capital Rule from the S… Email: dallin.merrill@sfindustry.org Attachment: View Attachment
11/15/18	Thomas	Wade	American Action Forum	Re: Enterprise Capital Requirements (RIN) 2590–AA95 To Whom it May Con… Email: N/A Attachment: View Attachment
11/15/18	Mitria	Wilson	Credit Union National Association	Please see the attached comment letter containing the views of the Cre… Email: mwilson@cuna.coop Attachment: View Attachment
11/15/18	William	Ackman	Pershing Square	See attached response Email: N/A Attachment: View Attachment
11/15/18	Ann	Kossachev	NAFCU	Attached please find NAFCU's comment letter regarding the proposed rul… Email: akossachev@nafcu.org Attachment: View Attachment
11/15/18	Celeste	Brown	Fannie Mae	Comments attached Email: celeste_brown@fanniemae.com Attachment: View Attachment
11/14/18	Matthew	Kelly	N/A	i one of the few that purchased common shares before the net sweep.… Email: kellymatt370@gmail.com Attachment: N/A
11/14/18	Ron	Haynie	Independent Community Bankers of America	See attached file. Email: ron.haynie@icba.org Attachment: View Attachment
11/14/18	Benjamin	Katz	N/A	(RIN) 2590–AA95, Email: N/A Attachment: View Attachment
11/09/18	Matt	Wildy	N/A	1.) Foundationally speaking--first reference the accounting documents… Email: mwildy@mloausa.com Attachment: N/A
11/09/18	William	Walker	Walker & Dunlop, Inc.	See attached response. Email: wwalker@walkerdunlop.com Attachment: View Attachment
10/26/18	Andrew	Rippert	N/A	See attached. Email: N/A Attachment: View Attachment
10/18/18	Andrew	Davidson	AD&Co	See attached response. Email: nancy@ad-co.com Attachment: View Attachment
09/11/18	Timothy	Howard	Fannie Mae (retired)	Attached is my comment on FHFA's proposed capital rule for Fannie Mae… Email: jtimothyhoward@gmail.com Attachment: View Attachment
09/05/18			Community Home Lenders Association (CHLA)	See attached. Email: N/A Attachment: View Attachment
08/30/18			Meeting with Arch Capital Services, Inc.	See attached meeting summary Email: N/A Attachment: View Attachment
08/27/18	Holden	Walker III	N/A	The proposed Enterprise Capital Requirements are acceptable as written… Email: N/A Attachment: N/A
08/22/18	Capital Requirements based on Utility and General	Utility and General Business Models	N/A	Capital Requirements based on Utility and General business Models For… Email: N/A Attachment: N/A
08/17/18	Xander	Arena	N/A	I've now followed the saga of Fannie/Freddie bailout and conservatorsh… Email: xander.arena@gmail.com Attachment: N/A
08/07/18	Jeffrey	Wood	Personal	Since Fannie and Freddie are not banks, they should not be capitalized… Email: jeff@usadman.com Attachment: N/A
08/03/18			Meeting with Walker & Dunlop, Inc.	See attached meeting summary Email: N/A Attachment: View Attachment
08/01/18	Landon	Parsons	Moelis & Company LLC	See attached comment Email: N/A Attachment: View Attachment
07/28/18	Michael	Montague	N/A	For 10 years the Gov has put the taxpayers at risk, 2008 Gov invested… Email: mvmontague@hotmail.com Attachment: N/A
07/28/18	Travis	Hicks	N/A	Fannie and Freddie are not banks, and should not have the capital requ… Email: N/A Attachment: N/A
07/27/18	Jeffrey	Wood	N/A	Fannie and Freddie are not banks, and should not have the capital requ… Email: jwood1@usadman.com Attachment: N/A