In the zombie landscape that characterizes U.S. GSE policy, some folks have recently sighted a passer-by they think might become the next incarnation of the GSEs: a depository institution holding company that engages in mortgage insurance, RMBS issuance, and even holding whole loans. The lurking successor has laid low until the FRB’s rules for companies like this emerged from the Dodd-Frank morass. This occurred on June 3. Here, we assess these proposals and what they mean for this possible way out of never-ending conservatorships.

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