The Special Situations Cast Episode 04 Featuring Christian Herzeca About Fannie And Freddie
Christian Herzeca talks me through the special situation around the GSE’s Fannie & Freddie. He breaks the case down to political, legal and practical layers. One thing I’m taking away is that studying the legal argument greatly adds to confidence. These are some of America’s great companies with great business models. Effectively a regulated duopoly. The political side of the situation draws a lot of attention there is too much fear of the Democrats taking the election. In practice, there are ways for FHFA director Calabra to mitigate that threat. Key reading material to get up to speed are the following documents: Moelis Blueprint (November 2018) Collins 5 th C en banc opinion Seila Scotus opinion Timothy Howard’s (former Fannie Mae CFO) blog: HOWARD ON MORTGAGE FINANCE He also wrote The Mortgage Wars