Mortgage industry observers increasingly argue that Fannie Mae and Freddie Mac should be regulated as utilities. But conservative critics say, “Not so fast.”

Fannie Mae CEO Hugh Frater violated conflict of interest rules not once but at least three times, according to the Federal Housing Finance Agency’s Office of Inspector General.

GSE watchers criticized FHFA Director Mark Calabria’s failure to acknowledge the agency’s role in the mortgage meltdown in 2008.