In our report yesterday, we assessed a critical take-away from Senate Banking’s hearing:  the shape of new GSE capital regulation.  Today, we turn to a nearer-term question:  the fate of many controversial new programs Fannie and Freddie have offered without undertaking the public notice-and-comment many think mandated by the 2008 reform law.  Mel Watt yesterday made it clear that he’s fine with innovation without notification, but we doubt the industry will let matters rest there.

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