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Fannie and Freddie Told to Write Their Wills; No Surprise: Homebuilding Driving Construction Spending

Fannie and Freddie Told to Write Their Wills; No Surprise: Homebuilding Driving Construction Spending

The GSEs Fannie Mae and Freddie Mac have been given orders to develop so-called living wills. Such wills are credible resolution plans that outline how either GSE could be rapidly and orderly resolved should the Federal Housing Finance Agency (FHFA) be appointed their receiver in the event of another financial crisis. The mandate is in the form of a final rule issued by FHFA on Monday. The rule is similar to those issued by the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) under which many large financial institutes are required to submit such wills. Both the Department of the Treasury and the Financial Stability Oversight Council have endorsed living rules for the GSEs. FHFA Director Mark Calabria said, "After the capital rule, [promulgated by FHFA in November 2020]
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