The key concern among the industry is the GSEs’ reliance on loan-to-value ratios and debt-to-income ratios. They recommend Fannie and Freddie develop alternative underwriting criteria for low-income borrowers.

Progressives call on Biden to pick Sandra Thompson, the first African American and the first woman to head the agency, for the top position. Not incidentally, she may also be the most qualified for the job.

Trade groups run a victory lap over the Biden administration decision to end Trump-era restrictions on the GSEs.

Analysts speculate on the apparent choice of Mike Calhoun as FHFA director even though the White House has yet to formally nominate him.

Lenders argue that Thompson should focus on reversing unpopular policies initiated when Mark Calabria was FHFA director. They point to unvetted credit requirements and the product caps included in the PSPAs.

Fannie and Freddie raked in billions of dollars from the loan-level price adjustment before FHFA pulled the plug last week. Are more Calabria-era rules on the chopping block?

Sandra Thompson’s elevation to acting director from her role as head of housing mission and goals presaged FHFA’s new focus on fair lending practices enforcement.

The Supreme Court’s decision in the long-delayed Collins case sets the stage for a swift change in leadership at FHFA but it may not end the shareholder lawsuits over the GSEs and the net worth sweep.

Critics argue that community banks and small credit unions are vulnerable to rules designed for large lenders. Also, if Fannie and Freddie exit conservatorship, many of the guardrails protecting small lenders could vanish.

Nondepositories may not object to the anti-redlining regulations if they come with bank-like privileges.