OFR yesterday sent its annual risk report to Congress, highlighting an array of worries about risk-shares without reiterating an earlier recommendation that FHFA use GSE g-fees as a counter-cyclical tool against mortgage boom-bust cycles. In part due to these risk-shares, OFR thinks Fannie and Freddie are de facto utilities – a perspective laying a lot of pipe for Treasury’s forthcoming RFI seeking views on how to make this so.

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