When FHFA Director Calabria took over the GSEs’ new capital construct, he made it clear that he wanted one comparable to U.S. GSIBs.  While the new NPR is considerably more comparable to the bank framework and, in some cases, also to the unique one governing GSIBs, it differs in many key respects.  As we noted in our first in-depth assessment, a final rule that retains these differences cements the GSEs’ place as go-to mortgage utilities.  The details of the rules change which sectors they will dominate, but dominate they still will.

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