One of the last legal dramas from the subprime crisis took a surprise turn last week when FHFA sued Wells over a case that had been settled earlier this year. At stake: more than $1 billion in RMBS issued 13 years ago.

Fannie's MBS issuance was up significantly from April to May while Freddie posted a smaller monthly gain. Purchase mortgages and refinancing both rose substantially.

The FHFA has postponed implementation of a complex data standardization process as trade groups worry whether the industry is ready.

Calabria reports to Congress on the outlook for Fannie and Freddie. Then asks for powers like those of the FDIC and other financial regulators, including the authority to issue charters for new GSEs.

Economists use an Urban Institute roundtable to debate the best and fastest route to fix what ails Fannie and Freddie.

Industry insiders disagree on how long it would take for Fannie and Freddie to go public. A Raymond James report says it will take three to four years, while others say it depends on the plan.

The long saga of the Single Security Initiative culminates in what’s supposed to be a more liquid and efficient TBA market as Fannie and Freddie issue their first common securities over the CSP.

The FHFA director adds nonbank counterparty risk to his list of concerns. He is pushing for more competition as a solution for reform. But Realtors have concerns of their own: keeping an explicit government guarantee.

Don Layton offers his views on capitalizing the GSEs, competition for Fannie and Freddie, and which model of reform looks most promising.