On February 1, the FHFA released a proposed rule which would limit Fannie Mae, Freddie Mac, and the Federal Home Loan Banks from dealing in mortgages with certain private transfer fee covenants and in certain related securities. The rule would generally apply only to private transfer fee covenants created on or after the date of publication of the proposed rule. Regulated entities will be required to comply with the final rule within 120 days of its publication. Comments on the proposed rule must be submitted within 60 days after publication in the Federal Register. FHFA Release. FHFA Proposed Rule.