Fannie, Freddie, and Janet
Given the high confirmation odds for Janet Yellen as the nation’s next Treasury Secretary, we here assess her impact on the future of U.S. housing finance.  We know a good deal about Ms. Yellen’s views on this topic, but can only guess at what latitude she will have to express them – the deck of GSE cards she will play has yet to be handed to her by Secretary Mnuchin and Director Calabria.  However, even if the Trump Administration closes the conservatorships as it shuts its own door behind itself, Yellen and the FSOC she will head can and will alter what’s handed over to them.  In key ways, they will thus not just redefine the GSEs, but also and even more importantly U.S. housing finance.