ABSTRACT

This article examines the Federal Housing Finance Agency (FHFA)’s 2020 notice of proposed rulemaking (2020 NPR) for the government-sponsored enterprises’ capital standards and finds that there are several issues of concern that will distort the relationship between capital and risk. We urge FHFA to better tailor its proposed risk-based capital requirements to the risk and mission of these monoline entities and rely less heavily on a Basel-like framework. We offer a package of specific adjustments that will better align capital with risk, without reducing the overall rigor or stringency of the capital standard. Better tying capital to risk will result in a better regulated and stronger mortgage finance system.

摘要

本文研究了联邦住房金融局（FHFA）关于政府制定企业资本标准的2020年拟议规则制定公告（2020 NPR），并发现存在一些令人担忧的问题，这些问题会使资本与风险之间的关系发生扭曲。我们敦促FHFA更好地根据这些单线实体的风险和使命调整其拟议的基于风险的资本要求，并减少对巴塞尔式框架的依赖。我们提供了一系列具体的调整措施，可以更好地使资本与风险保持一致，而又不会降低资本标准的总体严格性或严格性。更好地将资本与风险联系起来，将导致更好的监管和更强大的抵押贷款融资系统。