What strikes us most about FHFA’s stress-test results is what’s missing.  FHFA has for years not only detailed test components and how they flow through GSE balance sheets, but also the bottom line – the draw the GSEs would need from Treasury if the severely-adverse scenario came true.  This year, this important total is missing, leaving one only to infer GSE vulnerabilities under stress.  From what we can tell, it’s considerable.

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