FHFA’s report to Congress today combine with Calabria’s comments to the Wall Street Journal to reinforce our longstanding forecast:  FHFA and Treasury will redesign the GSEs after a period of courteous deference to Congress during which Congress again proves itself unable to act.  See our earlier report and the Banker assessment of it regarding what we think FHFA and Treasury may do.  Here, we turn to the marker set down for Congress just in case Crapo can muster more than another outline and a hearing or two on GSE restructuring.

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