In this report, we provide a forecast of action on the most significant policy drivers affecting residential-housing finance in the U.S. in 2015.  Our analysis assumes that there is no substantive reform legislation this year and that financial markets do not experience undue volatility or other events that downstream risk to the GSEs (FHLBs included) or reposition the agencies in a market even more dependent on them than before.  All of the regulatory and policy drivers we see forecast continued shrinking in the origination and traditional-securitization role for the largest banks and growing non-bank strength in these arenas.  However, the big banks will still pack a punch on the capital-markets side of the business. 

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