FHFA Director Mark Calabria said to exit conservatorship Fannie Mae and Freddie Mac will have to be adequately capitalized and make appropriate changes to their culture.

One of these days, the two mortgage giants will commence with a new stock offering. Right? The market seems to be betting on the fact, as are the government-sponsored enterprises.

Contrary to recent reports, McKinsey will not help Freddie develop a plan to exit conservatorship. The contract is a routine part of stress testing.