When we first analyzed the FHFA’s proposed capital rule, we observed that at least one GSE had a leverage ratio of about 15 basis points.  This elicited more than a bit of consternation, but FHFA has apparently come round:  in remarks yesterday, Director Calabria says the GSEs are leveraged at about 1,000:1.  As we noted yesterday, a major question is how Calabria chooses to define capital adequacy — he didn’t say how he plans to proceed yesterday.  

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