Any action that the Federal Housing Finance Agency takes in setting GSE guaranty fees should take into account the agency’s conservatorship duty to direct economic stakeholders, including shareholders, noted a coalition of Fannie Mae and Freddie Mac investors. In a letter to FHFA Director Mel Watt Wednesday, Investors Unite Executive Director Tim Pagliara urged the agency head to take into account “the critical purpose of setting appropriate guaranty fees,” noting that the Finance Agency does not have a mandate as conservator to run Fannie and Freddie as not-for-profit entities.