Federal Housing Finance Agency Director Mark Calabria is working to navigate a complicated path to Fannie Mae and Freddie Mac’s release from conservatorship. “My job is to make sure they don’t fail again in the next downturn,” Calabria stated. In the meantime, FHFA has major policy initiatives underway, including writing a rule on how much capital Fannie and Freddie will be required to maintain. Additionally, there are post-conservatorship questions about whether the GSE bonds would carry an explicit guarantee by the U.S. government, a guarantee which only Congress can provide. Still, Calabria is committed to moving forward, stating “The law says I have to get Fannie and Freddie out of conservatorship…There’s nothing that says, ‘You shall exit unless Wall Street doesn’t want you to.’ That is not a relevant consideration.”

Read more via Bloomberg.