The regs are a reaction to the amount of bad paper the banks already passed off to Fannie/Freddie.
The US Treasury is not a bottomless well to prop up Fannie/Freddie and their paper. The first rule of losses in finance is to stop doing that which causes you losses, and in F&F’s case, that means to start getting real tight about what paper you will buy from these fraudsters running mortgage lending operations.
Bank of America is stalling to refinance their own existing mortgages. Asking repeatedly to supply information they already have etc.
Here is a reason that Fannie/Freddie should not be associated with govt in any way. Let the private market create it's own secondary market that way if a lender starts passing off bad loans to it the private company can stop doing business with that bank, or risk going out of business.