ABSTRACT

In this article, the authors summarize and critique the Federal Housing Finance Agency’s recent capital proposal for Fannie Mae and Freddie Mac, concluding that it misapplies the bank capital regime in a way that would ultimately take the government-sponsored enterprises (GSEs) and the housing finance system in the wrong direction, unnecessarily leading to higher mortgage rates, riskier GSEs, and a less stable housing finance system. Note that after this article was written, FHFA finalized their capital rule. While they modified it somewhat from the proposal critiqued here, the final rule is largely subject to the same criticisms.

中文翻译：

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FHFA的资本规则向后退

摘要

在本文中，作者总结并批评了联邦住房金融局对房利美和房地美的最新资本提议，认为该提议以最终使政府资助企业（GSE）和住房受到损害的方式误用了银行资本制度。金融系统方向错误，不必要地导致抵押贷款利率提高，GSE风险更高以及住房金融体系不稳定。请注意，在撰写本文之后，FHFA最终确定了其资本金规则。尽管他们从此处提出的提案中对其进行了一些修改，但最终规则在很大程度上受到了相同的批评。