Mel Watt’s appearance today before the Financial Services Committee signals the beginning of House GSE-reform action, but it’s the beginning of the beginning with little clear end in sight.  That said, the GSEs’ exemption from the QM rule and, by inference, FHA’s is now taking heavy GOP fire that could result in regulatory change under a Republican head of the CFPB.

The full report is available to subscription clients. To find out how you can sign up for the service, click here.