The Federal Housing Finance Agency needs to be more forthright about its plans to expand the credit-risk transfer activities of Fannie Mae and Freddie Mac, according to a bipartisan group of lawmakers on the Senate Banking, Housing and Urban Affairs Committee. In a letter sent to FHFA Director Mel Watt this week, the six senators said the agency’s public guidance on the program “lacks specificity, metrics and long-term direction.” Watt and other FHFA officials have talked about risk transfers by the two government-sponsored enterprises, but most of the description of the program is somewhat vaguely outlined in the agency’s strategic plan and the so-called 2015 scorecard. The bipartisan group, which includes Sens. Mark Warner, D-VA, and Mike Crapo, R-ID, urged...