The Federal Housing Finance Agency this week made an unusual plea to investors, servicers and trustees in the non-agency MBS market to embrace a mass-modification program that’s being developed by Fannie Mae and Freddie Mac. The FHFA is the new agency charged with overseeing Fannie, Freddie and the 12 Federal Home Loan Banks which, collectively, hold some $250 billion of non-agency MBS. “It is...