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.
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.