What’s to Come

Today’s report to Congress is FHFA’s first foray into expressing a statutory opinion since Sandra Thompson took over, a change doubtless due to her newly confirmed status and the will to tackle hard questions in which Congress has only nominal interest in the absence of another crisis. Sticking with Mel Watt, Thompson wants the GSEs turned into utilities. Adding a fillip from Mark Calabria, she wants more than two of them. A note of her own also recommends a new reserve.