To make sure property markets aren’t creating excessive systemic risk, it’s important for regulators to look at the issue broadly, said FHFA’s Mark Calabria. That’s where an activities-based approach is critical.

The stock market boomed in 2019 and mortgage stocks followed right along. Mortgage insurance equities had nice gains but the top performers were Fannie Mae and Freddie Mac. (Includes data chart.)

Mortgage industry stakeholders reacted differently to California Gov. Gavin Newsom’s plan to create a state-level CFPB aiming to fill the vacuum left by a rollback at the federal level.