Yesterday, we sent out a blow-by-blow on the Senate Banking hearing on the Administration’s reform plan. Here, we build on our strategic analysis of the plan’s impact to hone our forecast of what will happen when and to whom. With general agreement that the GSEs are, in Sen. Kennedy’s pithy phrase, a “dumpster fire,” the Administration has the public green light it already received in private to proceed administratively up to the limits of current law and maybe even a bit beyond.
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