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Legislative Experts Question Legality of Treasury’s GSE Moves

American Banker, By Brian Collins

The Treasury Department has exceeded its authority by keeping Fannie Mae and Freddie Mac in conservatorship so long and taking all their profits, two legislative experts said Thursday.

Michael Krimminger, a former general counsel for the Federal Deposit Insurance Corp., and Mark Calabria, a former top aide to Senate Banking Committee Chairman Richard Shelby, said the Treasury’s actions violate a 2008 law that they helped to draft.

Read the full article: Legislative Experts Question Legality of Treasury’s GSE Moves