Regulator Has Broad Discretion to Determine Which New GSE ‘Activities’ Are ‘Programs’
July 9, 2009
Fannie Mae and Freddie Mac have to seek prior approval for a broad range of new business activities from their regulator under an interim rule adopted by the Federal Housing Finance Agency this week, but the FHFA would retain considerable discretion in judging whether the planned activity qualifies as a new product subject to public comment. As part of the government-sponsored enterprise...