Bove Declares Victory On Fannie Mae, Freddie Mac

There’s no question that Federal Housing Finance Agency (FHFA) director Mel Watt’s recent speech at the Brookings Institute was a departure from previous policy on Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC), but at this point the magnitude of the change is still open to interpretation (and to influence from Treasury and the White House). But if you ask Rafferty Capital Markets LLC VP of equity research Richard X. Bove, it’s a “massive change in mortgage policy.”