Late last week, FHFA issued two documents – an NPR on its regulatory agenda and a g-fee study – while its IG countered with another, a critical assessment of the agency’s supervisory capacity. Having perused all three, we see nothing of immediate note. However, the sum total of all three reinforces our view that the prolonged GSE conservatorship is an inherent conundrum that itself is perpetuating the mortgage market’s malaise.
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