The Federal Housing Finance Agency (FHFA) last week published its final rule to amend several provisions in the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs). NAFCU provided feedback in response to the FHFA’s proposal and offered general support for the amendments.
The final rule includes modifications of certain provisions of the ERCF related to guarantees on commingled securities, multifamily mortgage exposures secured by properties with government subsidies, and derivatives and cleared transactions, among other modifications. The amendments also clarify certain aspects of the ERCF and help to further align it with the risks faced by the GSEs.
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