As we noted yesterday, FHFA Director Calabria gave HFSC little ground on the capital rule.  As anticipated, CRT is the NPR’s provision most likely to see substantive change, but MIs also saw a glimmer of hope.  Fannie and Freddie will otherwise get a new capital regime that propels them out of conservatorship as quickly as Calabria can. Calabria’s written testimony also noted significant improvements in servicer resources, although FSOC’s systemic report is still to come.

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