Falling interest rates and rising NOIs drive a surge in Fannie's and Freddie’s multifamily business. One problem: how to stay under the cap.

Last summer’s blockbuster ruling from the Court of Appeals was a mixed bag for both plaintiffs and defendants. The long-expected appeal of that decision promises more of the same.

Despite heavy lobbying by large banks for the multi-guarantor model of GSE reform, Don Layton joins the growing crowd of pundits who advocate for managing Fannie and Freddie as public utilities.