On May 20th the Federal Housing Finance Administration (FHFA) released a proposed regulatory capital framework for Fannie Mae and Freddie Mac. Establishing capital requirements is a critical step toward Director Calabria’s stated goal of releasing the enterprises from conservatorship. While the fundamental purpose of this regulation is to ensure that the GSEs have sufficient capital in times of stress, the rules also have important consequences both for their incentive to take or mitigate risks and for the pricing of mortgages for homeowners. Join us for a conversation with Don Layton, Senior Industry Fellow and former CEO of Freddie Mac, who will share his views about how the proposed rule balances these concerns and will also take questions from our online audience. The session is designed to give analysis and background information for individuals and organizations planning to comment on the proposal, as well as others interested in understanding the rule's potential impact on the housing finance system.