Economists at the National Association of Realtors prefer a public utility model for the GSEs; FHFA director touts the multi-guarantor approach. The trade group uses an appearance by Calabria as an opportunity to highlight the differences.

Affordable housing expert heads back to the private sector. Industry observers wait to see if this is the beginning of a wave as Freddie CEO Donald Layton retires.

The new FHFA director tells Realtors what he will and won’t do for GSE reform. The keys: more capital, more competition, more transparency. The problem: The agency can’t do it all on its own.

The regulator continues its hiring spree, plundering liberally from other departments. We hear Craig Phillips, Treasury’s point man on housing-finance reform, is available.

The GSE has tweaked an existing security offering to make it more efficient for low-income housing tax credit lenders.

FHFA Director Mark Calabria has vowed not to monkey with the 30-year FRM or lower loan limits in high-cost states like California. Still, certain stakeholders worry he may try to adjust other areas of businesses.

The National Association of Realtors this week picked apart FHFA's plan to recapitalize the GSEs and release them from conservatorship. NAR, by the way, favors a model where the GSEs are morphed into shareholder-owned utilities.

Calabria said it's not his job to choose the business model of the GSEs...

The way FHFA Director Mark Calabria keeps adding staff, the agency might need more office space...