TINA · @DoNotLose
24th Jan 2019 from TwitLonger
$Fnma #fanniegate
Politico obtained the audio.
“In the next two to four weeks you’re going to be able to see some communication that comes out of the White House and Treasury that really sets a direction for what the future of housing will be in the U.S. and what the FHFA’s part of that will be,” Otting said at a Jan. 17 staff meeting.
He pledged significant headway on an overhaul within “six to 18 months.”
“This is a path that’s been established by the White House and the Treasury, and Mark has signed off on it, I’ve signed off on it, Treasury has signed off on it, the White House has signed off on it,” he said.
“But I do think over the next six to 18 months, we will solve that issue,” he added. “And I can assure you that I’m not here to just sit around and enjoy the fruits of being the director. I’m here to kind of move that path forward. And then when Mark is confirmed in his role, he can kind of come in and just continue down the path.”
The capital needed is “probably somewhere, based upon their business models today, [in the range of] $150 billion to $200 billion,” he said.
“$6 [billion] to $150 billion is a big road, especially when you consider the earnings are, what, probably $11 billion a year?” Otting said. “So it’s like, how do we accelerate that, or what do we do to try to achieve that? And I think that’s going to take some really heavy lifting and thought processes around that.”