In case you missed it in the New Year’s glee, check out Wednesday evening’s editorial in the Wall Street Journal resurrecting the toxic-twin terminology and, more significantly, raising the political stakes not only for future GSE risk-shares, but also for FHFA’s ongoing effort to get bank regulators to loosen their rules to let the big boys onto the twins’ playground. However, if the expected political ire rises in concert with the Journal’s, deep-MI deals might stand a better chance in 2016.

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