Events on Wednesday, Jan 21

In addition to the Administration’s social media town hall “Big Block of Cheese Day” on Wednesday (see previous post), there are two other relevant meetings taking place.  I posted on TH717 regarding these two events planned for January 21:

House Financial Services Committee annual agenda setting meeting:

“Markup to adopt the Committee’s oversight plan for the 114th Congress
Wednesday, January 21, 2015 2:00 PM in HVC-210 of the House Visitors’ Center
Full Committee”

http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=398614

“GOVERNMENT SPONSORED ENTERPRISES
Fannie Mae and Freddie Mac. The Committee will examine proposals to modify or
terminate Fannie Mae’s and Freddie Mac’s statutory charters, harmonize their business operations, and wind down any legacy business commitments. The Committee will also examine the overall size of the GSEs’ footprint in various aspects of the housing finance system and ways to reduce or constrain their large market share and develop a vibrant, innovative and competitive private mortgage market.”

http://financialservices.house.gov/uploadedfiles/114thcongressovplan.pdf

Ok…let’s not dwell on this one again…but notice the evolving use of the term “wind down” as it related to Fan and Fred.

The tone toward FnF in the Committee appears slightly more encouraging. We’ll see if Jeb takes a switch to the twins behind the woodshed… and who defends them at the meeting…

____________________________________________________________

And the Financial Stability Oversight Council yearly planning meeting:

Interesting meeting next week. Not sure if we’ll learn more on the Administration’s reform of FnF or more on the CSP at the meeting…we may need to wait for the Annual Report…last year published in May.

“On Wednesday, January 21, Secretary Lew will preside over a meeting of the Financial Stability Oversight Council at the Treasury Department.

The preliminary agenda for the executive session includes a discussion regarding the development of the Council’s 2015 annual report and a discussion of leveraged lending.”

http://www.treasury.gov/initiatives/fsoc/council-meetings/Pages/default.aspx

http://www.treasury.gov/initiatives/fsoc/about/Pages/default.aspx

From the 2014 Annual Report of the FSOC:

“Review of 2013 Recommendations and 2014 Goals
Since the Council’s 2013 annual report, member agencies have advanced reform in many ways, including:

• The GSEs achieved FHFA’s targets for risk-sharing transactions and reductions in their mortgage investment portfolios in 2013. The GSEs engaged in multiple types of risk-sharing transactions associated with $75 billion in mortgages. In addition, the GSEs met the target of disposing of 5 percent of the less-liquid portion of their mortgage investment portfolios, while meeting the overall goal of 15
percent reduction.

• FHFA and the GSEs continued to make progress on the development of a Common Securitization Platform (CSP). These efforts included analyzing functions, testing capabilities, and establishing an operating structure.

Notwithstanding the above, further progress needs to be made in 2014. Outlined below are steps Council members plan to take in 2014 in order to help meet the Council’s housing finance goals.”

http://www.treasury.gov/initiatives/fsoc/Documents/FSOC%202014%20Annual%20Report.pdf

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