In the course of the shareholder litigation, an internal Treasury memo has come to light outlining thinking behind the 2011 white paper on what to do with the GSEs. Since then, of course, Treasury’s position has in practice been pretty much to do nothing. However, the memo is important not only as a guide to ongoing action on Fannie and Freddie, but more immediately also as a guide on the future of the FHLBs and FHA.

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