Booting Up for 2.0

FHFA and Ginnie Mae today let loose their long, long delayed standards for eligible seller-servicers.  These will require more from almost all large nonbanks but not demand nearly as much as feared from them and from all small servicers.  Pain is also postponed, facilitating compliance at a time when it might be particularly challenging for firms to tap markets to meet new capital, liquidity, and stress-test standards.