'Even as the second, third, and fourth largest bank failures in U.S. history have unnerved financial markets in the past two months, the Biden administration keeps adding more stressors to the mix.' -QuinHillyer
Two new stressors come courtesy of the Federal Housing Finance Authority. One is already receiving copious criticism, but the other, more technical one has gone largely unnoticed. Both are misguided and should be reversed – along with a plethora of other regulatory and executive actions that are endangering the national economy.To be clear, the FHFA actions certainly did not cause the collapse of First Republic Bank, Silicon Valley Bank, or Signature Bank.
The second FHFA issue is more technical and less sweeping, but its results could similarly add to systemic risk. Without explanation, the agency last October mentioned in passing that Fannie Mae and Freddie Mac will look only to the combined credit rating from two of the three major credit rating agencies rather than from all three. In March, FHFA invited comment not on whether to implement this change from “tri-merge” reports to “bi-merge,” but only on how.
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