As noted yesterday, the Administration has rediscovered the utility option for Fannie and Freddie, explicitly outing the structure FHFA has de facto constructed with the CSP, single securitization, and risk shares in a forthcoming request for input (RFI). One might have thought the White House just woke up in Rip Van Winkle fashion from its seven-year slumber on meaningful GSE action but for yesterday’s front-page New York Times story. Here, we assess what the story said in terms not so much of its facts – few and far between – but rather why it matters anyway.

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