When the GSEs first began securitizing significant single-family rental loans, protests about subsidies to huge companies and other complaints abounded. None, though, packed the punch of those from Realtors increasingly concerned that more single-family rentals mean fewer home sales. Although an FHFA shut-down of a GSE new program is virtually unprecedented, protests have finally reversed a pilot program. It seems unlikely that all the others sparking Hill protests will suffer the same fate, but of course it depends on who is behind each protest and FHFA’s political-risk judgment in each case.
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