Fannie Mae

Browse articles from all of our Newsletters related to Fannie Mae.

July 21, 2017 - Inside FHA/VA Lending

Around the Industry

Bipartisan Flood Bill Introduced in Senate. The Senate Committee on Banking, Housing and Urban Affairs will soon consider a bipartisan bill introduced this week that would keep the National Flood Insurance Program funded for six more years and create new risk mitigation procedures for communities to follow. Senate Banking Committee Chairman Mike Crapo, R-ID, and ranking Democrat Sherrod Brown, OH, said the bill would serve as a template for consideration by the whole committee. The Senate bill does not include core provisions in the House version, including the development of a private flood insurance market to complement the NFIP. In addition, the bill does not call for cuts in the reimbursement rate for Write-Your-Own flood-insurance carriers that service NFIP policies. However, amendments are likely, according to Crapo and Brown. Meanwhile, the ...


July 21, 2017 - Inside FHA/VA Lending

Millennials Seeking to Buy Homes In Affordable Markets, Data Show

Affordability and job availability are driving millennials to seek homes in more affordable markets, particularly in the upper Midwest, according to Ellie Mae data for the month of May. Ellie Mae’s Millennial Tracker, which monitors millennial mortgage applications during specific times, found that the higher percentages of loans made to millennial borrowers are in Hutchinson and Austin, MN, and Wahpeton and Williston, ND. Anniston-Oxford-Jacksonville, AL, rounded out the top-five markets. Ellie Mae defines millennials as applicants born between 1980 and 1999. Data showed that 48 percent of millennial borrowers who closed loans in May were single. In Hutchinson, for example, the majority of borrowers were single men. “This suggests millennials may be embracing homeownership in these areas for reasons other than what we have historically seen, which was family formation,” explained ...


July 21, 2017 - IMFnews

What We’re Hearing: A Good Quarter for Angel Oak, MBS Plans for Citadel / Sprout Sprouting? / Freddie About to Make Splash in SFR Market? / Trump, the Russians (Soviets) and a Housing Solution? / Not-Happy Birthday: Dodd-Frank Turns Seven

A housing crisis in America? Maybe the Russians can help...


July 21, 2017 - Inside MBS & ABS

Single Security Helps Narrow GSE Pricing Differences, but Challenges Remain. Internal and External Issues?

Since the introduction of the single-security effort, pricing differences between Fannie Mae and Freddie Mac MBS have just about been eliminated, thanks in part to prepayment speeds converging. A paper recently published by the Urban Institute found that back in 2012 and 2013, Freddie’s 3.0, 3.5, and 4.0 percent coupons traded at more than a $0.30 discount to Fannie Mae’s. But, by 2014 and 2015 that number narrowed to about $0.15, and by early 2017 the pricing differences had largely come together. The authors called...


July 21, 2017 - IMFnews

In Senate Hearing, Community Lenders Fight for Secondary Market Access, the ‘Cash Window’

At a GSE reform hearing, Sen. Mike Crapo, R-ID, chairman of the Senate Banking Committee, called small lenders “fixtures in their communities...”


July 21, 2017 - Inside MBS & ABS

In Senate Hearing, Community Lenders Fight for Secondary Market Access, the ‘Cash Window’

Although reform of the government-sponsored enterprises is highly unlikely this year, community lenders went to Capitol Hill this week, testifying that equal opportunity in the secondary market and preserving the cash window are sacred tenets that cannot be compromised. At a GSE reform hearing late this week, Sen. Mike Crapo, R-ID, chairman of the Senate Banking Committee, called small lenders “fixtures in their communities” with local knowledge and expertise. “As we prepare to reform the system we must understand how small lenders access the market,” he said. Many community lenders access...


July 21, 2017 - Inside MBS & ABS

While Angel Oak, Deephaven and Others Issue New Nonprime MBS, Citadel Mines the Whole Loan Market

A few months back, Citadel Servicing Corp., Irvine, CA, was eyeing the May/June period as the target date for its first nonprime mortgage-backed security. Now that July is almost over, it’s eyeing the fall – if that. According to company founder and CEO Dan Perl, prices being paid in the whole loan market for its high-yielding loans are just too good to turn down. Perl indicated that for his company, at least, the economics of a whole loan transaction are just too favorable right now. Although he could not be too specific on pricing, the industry veteran indicated...


July 20, 2017 - Inside Mortgage Finance

Nevada Supreme Court Gives Fannie, Freddie A Win in HOA Super-Priority Lien Case

In a recent ruling, the Nevada Supreme Court decided that in the case of Nationstar Mortgage, LLC v. SFR Investments Pool 1, LLC, a homeowner’s association priority lien cannot extinguish a first deed of trust in an HOA foreclosure sale. This is a win for Fannie Mae and Freddie Mac. Twenty-two states have super-lien laws that allow HOAs to take priority over first mortgages and foreclose the property to collect unpaid fees of up to six months’ worth. In 2014, the Nevada Supreme Court ruled that an HOA could indeed extinguish a senior mortgage. But Nationstar Mortgage argued...


July 20, 2017 - Inside Mortgage Finance

Ginnie Continues Leading Growth in Agency Servicing Market, Nonbanks Picking Up the Slack

The supply of single-family mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae grew by 0.5 percent during the second quarter, according to an exclusive analysis and ranking by Inside Mortgage Finance. Total agency MBS outstanding rose to $6.258 trillion at the end of June, which does not include whole loans held in Fannie and Freddie portfolios or government-insured loans repurchased from Ginnie pools. The market was 4.2 percent bigger than it was at the midway point in 2016. Ginnie continues...[Includes two data tables]


July 20, 2017 - IMFnews

Ginnie Mae Continues to Lead the Pack in Agency Servicing Growth

Outstanding MBS servicing at Fannie actually declined slightly in the second quarter…


July 19, 2017 - IMFnews

Short Takes: A Bulk MSR Deal from MountainView / Proposed HUD Lender Fee Is Cut From Spending Measure / Invictus Readies Nonprime MBS Deal / A Promotion at loanDepot

Another nonprime MBS deal is ready to hit the market, this one from Invictus Capital Partners...


July 19, 2017 - IMFnews

PIMCO: Non-Agency Changes Needed Before GSE Reform

Over the past two years PIMCO has been a major buyer of nonprime/non-QM whole loans in the secondary market…


July 18, 2017 - IMFnews

Fannie/Freddie Single-Family MBS Business Slumped in 2Q17; Bank and Thrift Business Weak

Wells Fargo saw an 18.6 percent drop in its GSE business during the April-June cycle, but the three other megabanks had much bigger declines…


July 17, 2017 - IMFnews

MBS Trading Volume Increased in June, but…

It hasn’t been pretty the last couple of weeks for MBS values…


July 17, 2017 - IMFnews

Retail Channel Losing Steam in 2Q17 Agency Business; Brokers Rising

Agency mortgages produced by mortgage brokers actually rose 4.4 percent in the second quarter, even as the overall market was falling 6.1 percent.


July 14, 2017 - Inside The GSEs

GSE Roundup

NV Supreme Court Favors GSEs in HOA Litigation. In Nationstar Mortgage, LLC v. SFR Investments Pool, the court found that mortgage servicers have standing to assert, on behalf of the GSE investor, that the Housing and Economic Recovery Act preempts state law and prevents extinguishment of the GSE loan at a Homeowners Association foreclosure sale. Freddie Prices $1.1 Billion Multifamily K-Deal. This week, Freddie Mac announced that it recently priced a new offering of Structured Pass-Through Certificates (K Certificates). The company expects to issue approximately $1.1 billion in K Certificates, which are expected to settle on or about July 24, 2017. Fannie Updates DU with New HomeReady Income Limits. As of July...


July 14, 2017 - Inside The GSEs

Newly Filed Shareholder Cases Challenge FHFA’s Structure

GSE shareholders are continuing to argue that the structure of the Federal Housing Finance Agency is unconstitutional. The topic has come up ever since a 2016 ruling found that the similarly structured Consumer Financial Protection Bureau is not constitutional. Two new cases filed within the past month in Michigan and Minnesota are asking the courts to vacate the Treasury sweep of GSE profits altogether. In late June, three GSE shareholders filed a fresh lawsuit in the U.S. District Court for the District of Minnesota. The three plaintiffs, Atif Bhatti, Tyler Whitney and Michael Carmody, also want the court to strike the...


July 14, 2017 - Inside The GSEs

Structuring CRTs as REMICs Could Boost Liquidity, Says Morningstar

Making credit-risk transfers more attractive to real estate investment trusts by rebranding some of them as real estate mortgage investment conduits may be just what the market needs, according to a new report by Morningstar. The rating service said the change likely won’t have a negative impact on the credit risk and quality of those deals and could help the GSEs broaden their investor base. The proposed changes to Fannie Mae’s Connecticut Avenue Securities and Freddie Mac’s Structured Agency Credit Risk programs would allow REITs and some overseas investors to participate more broadly in the programs.


July 14, 2017 - Inside The GSEs

Fitch Ratings Says New GSE Tools To Improve Mortgage Underwriting

A host of new GSE tools recently implemented or in the pipeline, including automated appraisals, will improve mortgage underwriting, according to Fitch Ratings. The rating service noted that alternative methods of managing and verifying data are helping Fannie Mae and Freddie Mac change the process for underwriting mortgage loans in the U.S. New approaches to things like appraisal valuation and income verification are giving the GSEs a more efficient way to assess credit risk, while reducing costs for sellers and borrowers, said Fitch. “The appraisal valuation process is evolving primarily due to the introduction of the Uniform Collateral Data Portal through which lenders electronically submit appraisal reports for conventional mortgages delivered to Fannie or Freddie,” said Fitch.


July 14, 2017 - Inside The GSEs

UI: Single-Security Efforts Alleviated GSE Pricing Differences

Pricing disparity between the GSEs has almost disappeared since single-security efforts began, according to a new paper by the Urban Institute. The authors called the progress on the initiative an “unheralded success” in a paper released this week. In 2012 and 2013, Freddie’s 3, 3.5, and 4 percent coupons traded at more than a $0.30 discount to Fannie Mae’s. That number narrowed to about $0.15 in 2014 and 2015 and by early 2017 it had largely converged, said the UI. “Interestingly, the pricing disparity has all but disappeared since the single-security effort began,” said Laurie Goodman, Jim Parrott and Bing Bai, authors of the study.


July 14, 2017 - Inside The GSEs

Industry Seeks More Tangible Activities in GSE DTS Proposals

Industry groups lauded the GSEs’ efforts to increase funding for underserved markets but recommend they add more specific activities focused on increasing loan purchases and speeding up the process. In May, Fannie Mae and Freddie Mac released draft proposals on ways to grow financing for specific underserved markets under the Federal Housing Finance Agency’s duty-to-serve requirements. Those markets include manufactured housing, rural housing and preserving affordable housing for low- and moderate-income households. The National Low Income Housing Coalition said while the plans demonstrate the GSEs’ commitment to increase their impact in underserved markets, they focus largely on scoring and technical compliance.


July 14, 2017 - Inside The GSEs

Fed Governor Wants GSE Reform Progress Now Before it’s Too Late

With GSE reform moving up the priority list in the minds of lawmakers and industry executives, Federal Reserve Governor Jay Powell joined the conversation last week and said it’s time to act now before it’s too late. Following the Senate Banking, Housing and Urban Affairs Committee hearing on GSE reform, Powell spoke at the American Enterprise Institute and urged lawmakers to come up with a solution while the economy is healthy. He worries that if reform doesn’t happen soon, the status quo will become comfortable. Moreover, Powell said any change would be more challenging to enact during difficult economic times.


July 14, 2017 - Inside The GSEs

Fannie/Freddie 1-Family MBS Business Slumped in 2Q17

Fannie Mae and Freddie Mac issued $189.70 billion of single-family mortgage-backed securities during the second quarter of 2017, a 13.1 percent drop from the first three months of the year. A new ranking and analysis by Inside The GSEs reveals that much of the decline resulted from a slowdown among large banks and thrifts. The four banks with over $1 trillion in assets delivered just $43.23 billion of home loans into Fannie/Freddie MBS during the second quarter. That was down 29.1 percent from the previous period, knocking the group’s combined market share down from 27.9 percent in the first quarter to 22.8 percent.


July 14, 2017 - IMFnews

What We’re Hearing: Fairholme’s Berkowitz: Watt Will Fix the GSE ‘Zero Capital’ Problem / What’s $5 Trillion Among Friends? / The Termination and Transfer Option / A Tale of Two Mortgage Giants / Renren and Sindeo?

According to Fairholme’s math, the GSEs earn over $15 billion a year, and taxpayers own 80 percent of the companies (via the senior preferred). Berkowitz values the senior stock at $100 billion…


July 14, 2017 - Inside MBS & ABS

Morningstar: Proposed REMIC Structure May Boost Liquidity, Lessen Counterparty Risk

The proposal to restructure the credit-risk transfer debt-note programs at Fannie Mae and Freddie Mac to make them more attractive to real estate investment trusts likely won’t have a negative impact on the credit risk and quality of those deals, Morningstar said in a new report. The proposed changes to Fannie’s Connecticut Avenue Securities and Freddie’s Structured Agency Credit Risk programs would characterize them as real estate mortgage investment conduits. This would allow REITs and some overseas investors to participate more broadly in the programs. Currently, the structure of the government-sponsored enterprises’ popular CRT programs doesn’t meet...


July 14, 2017 - Inside MBS & ABS

Small Lenders Clamor for a Voice In Housing-Finance Reform Debate

As talks intensify on how to get Fannie Mae and Freddie Mac out of limbo, smaller lenders are clamoring to make sure they have a say in how housing-finance reform plays out. Nearly all sides agree that small lenders should continue to have access to the secondary market; how that’s accomplished is a different matter. The Main Street GSE Reform Coalition – an umbrella group made up of small-lender and community-advocacy groups – wants the government-sponsored enterprises to begin rebuilding capital buffers by suspending their dividend payments to the Treasury Department. It also wants...


July 14, 2017 - Inside MBS & ABS

MBS Trading Volume Increased in June, But Concerns Remain About Supply and What the Fed Might Do

The average daily trading volume of agency MBS reached $209.9 billion in June, the second highest reading of the year and a sign that liquidity is picking up, according to figures compiled by the Securities Industry and Financial Markets Association. The increase in trading comes despite the fact that Fannie Mae, Freddie Mac and Ginnie Mae issued a total of $317.7 billion of new MBS in the second quarter, a 6.1 percent decline from the first quarter. For the six-month period, 2017 holds the edge with volume up 3.5 percent. But it hasn’t been...


July 14, 2017 - Inside MBS & ABS

Royal Bank of Scotland Settles with FHFA for $5.5B in 2011 Lawsuit Over Non-agency MBS

Federal Housing Finance Agency lawsuits over pre-crisis non-agency MBS are winding down with one of the last holdouts, Royal Bank of Scotland, reaching a settlement this week for $5.5 billion. In 2011, the agency filed charges against 18 issuers and underwriters alleging securities law violations and fraud regarding non-agency MBS sold to Fannie Mae and Freddie Mac. JP Morgan Chase settled for $4.0 billion, Deutsche Bank for $1.9 billion and Goldman Sachs for $1.2 billion. Most of the cases were settled in 2013 and 2014. The two government-sponsored enterprises purchased...


July 14, 2017 - Inside MBS & ABS

Despite Slump in Prime-Jumbo Space, Non-agency MBS Production Gained Momentum in Second Quarter

The non-agency MBS market is off to what looks like one of its best years in terms of new issuance since the financial crisis, according to a new analysis by Inside MBS & ABS. A total of $15.30 billion of non-agency MBS were issued in the second quarter, representing a gain of 13.4 percent from the first three months of 2017. That brought year-to-date production to $28.80 billion, a 32.0 percent increase over the first half of 2016. As has been the case since 2009, most of the new production has been...[Includes three data tables]


July 13, 2017 - Inside Mortgage Finance

Groups Want to See More Tangible Activities in Fannie, Freddie Underserved Market Proposals

Some critics say the underserved markets proposals put forth by Fannie Mae and Freddie Mac don’t focus enough on increasing loan purchases. Fannie Mae and Freddie Mac in May issued draft proposals for boosting financing for certain underserved markets under the Federal Housing Finance Agency’s duty-to-serve requirements. The rule focuses on three specific markets: manufactured housing, rural housing and preserving affordable housing for low- and moderate-income households. The National Low Income Housing Coalition said...


July 13, 2017 - Inside Mortgage Finance

Seneca’s End Draws Near as Company Prepares Exit From MSR Market; Pingora Slated for Sale, Yet Again

Two companies that were created earlier in the decade to buy mortgage servicing rights at rock-bottom prices are headed in different directions these days: Seneca Mortgage Servicing is exiting the business, while Pingora Loan Servicing is slated to change hands for the second time in a year. As Inside Mortgage Finance went to press this week, investment banker Houlihan Lokey was involved in direct negotiations to sell Seneca’s $53.6 billion servicing portfolio, which is considered pristine in nature. Investment banking sources said...


July 13, 2017 - IMFnews

Short Takes: A Big Earnings Boost for Fannie and Freddie? / The Greenwich-Ameriquest Connection / IMA Selling GSE ‘Flow’ Package / Progress Ups its SFR MBS Deal / PHH Hires LenderLive Executive

The $5.5 billion (to be) paid by RBS should boost GSE earnings big time...


July 13, 2017 - IMFnews

Ginnie Mae MBS Issuance Rides the Tide of Rising Home Sales

The top three Ginnie Mae issuers in 2Q17 were PennyMac, Wells Fargo and Freedom Mortgage…


July 13, 2017 - IMFnews

JPMorgan Chase Bidding on MSR Packages Again? Looks That Way…

The Seneca MSR portfolio is top heavy with California product…


July 13, 2017 - IMFnews

Insured-Mortgage Business Posted Solid Gain in 2Q17

Fannie Mae and Freddie Mac acquired $57.17 billion of single-family loans with private MI coverage during the second quarter…


July 11, 2017 - IMFnews

Short Takes: It’s Alive Again (Well, Sort Of) / Sindeo’s Roots / The Mortgage Tech Race / Happy Anniversary Fannie and Freddie (Soon) / New Hires for mREIT Giant Annaly

There's a race on to see who will be the first to deliver a best-in-class lending automation product that the consumer trusts, said consultant Paul Hindman...


July 11, 2017 - IMFnews

More GSE Cases Filed Arguing that the FHFA’s Structure is Unconstitutional

FHFA’s status as an independent agency headed by a single director makes it different from almost every other independent agency…


July 11, 2017 - IMFnews

Will Rep. Hensarling Deal on GSE Reform?

The big question: Will the Chairman of the House Financial Services Committee support an explicit government guarantee on conventional MBS?


July 10, 2017 - IMFnews

Up for Grabs: $1.63 Billion of Fannie, Freddie, Ginnie Servicing Rights

According to the offering circular, the Ginnie receivables total $1.40 billion and carry an overall delinquency ratio of 6.60 percent.


July 7, 2017 - Inside FHA/VA Lending

Penny Raises Funding Capacity by Altering Repo Pact Terms with CS

PennyMac has revised master mortgage repurchase agreements with Credit Suisse to increase its funding capacity for new loan originations and acquisition of mortgage servicing rights, the company disclosed in a recent filing with the Securities and Exchange Commission. The increase is temporary – effective from June 23 through Sept. 29 – but it will boost PennyMac’s funding capacity by $486 million. On June 23, 2017, PennyMac agreed to revised terms of its Third Amended and Restated Master Purchase Agreement (CS Repurchase Amendment), which would increase temporarily its maximum committed purchase price to $943 million from $700 million. Entered into on April 28, 2017, the amended repurchase agreement would allow PennyMac to sell to Credit Suisse and later repurchase certain newly originated residential and small-balance multifamily mortgages. The agreement also includes ...


July 7, 2017 - IMFnews

What We’re Hearing: Quietly Moving Up in the Ranks: Amerihome / California is Beautiful but is it Any Place to HQ Your Mortgage Shop? / No to NYC and SF (Too Expensive) / GSEs Ready to Pounce in SFR?

If you’re opening a new mortgage company it stands to reason that the two least likely places you’d pick for your headquarters are New York City and San Francisco.


July 7, 2017 - Inside MBS & ABS

Another GSE Shareholder Case Filed; Recently Filed Cases Challenge Agency’s Structure

More Fannie Mae and Freddie Mac shareholders are arguing that the structure of the Federal Housing Finance Agency is unconstitutional and are calling for courts to vacate the third amendment that sweeps the profits of the mortgage giants into the Treasury Department. Within the past month, two new cases have been introduced in Michigan and Minnesota, likely piggybacking on last year’s decision in which the single-director structure of the Consumer Financial Protection Bureau was found to be unconstitutional. Several shareholders of the government-sponsored enterprises filed...


July 7, 2017 - Inside MBS & ABS

Fed Governor Views Housing-Finance Reform as ‘Now or Never,’ Opposes Reliance on a Duopoly

Federal Reserve Governor Jay Powell urged lawmakers to figure out a solution to the extended conservatorships of Fannie Mae and Freddie Mac, noting that a healthy economy and the risk to taxpayers make now an ideal time to act. In a speech this week at the American Enterprise Institute, Powell noted that the two government-sponsored enterprises are now in their ninth year of conservatorship. He worries that if reform doesn’t happen soon it may not happen at all. Powell said any change would be more challenging to enact during difficult economic times. “The risk that we settle into this current situation for the long run is...


July 7, 2017 - Inside MBS & ABS

Impact of End-of-Quarter Dip in Interest Rates On Fannie/Freddie Hedges Yet to Be Revealed

At the end of July, Fannie Mae and Freddie Mac will report second quarter results that might be marred – at least a little bit – by non-cash hedging charges caused by lower interest rates. When June ended, the benchmark 10-year Treasury bond carried a yield of 2.30 percent, 10 basis points lower than at March 31. Lower rates usually translate into hedging markdowns, but since the decline was so small it’s unlikely that either government-sponsored enterprise will record a net accounting loss for the period. In general, the two don’t discuss...


July 7, 2017 - Inside MBS & ABS

Overall MBS/ABS Production Faltered Slightly In 2Q17, But Issuance Was Up in Some Sectors

The MBS and ABS market was a mixed bag in terms of new issuance during the second quarter, as overall production was down slightly from the beginning of the year, according to a new analysis by Inside MBS & ABS. A total of $430.98 billion of single-family MBS, non-mortgage ABS and commercial-property securitizations was issued in the second quarter, down 2.6 percent from the first three months of the year. That pushed year-to-date issuance to $873.47 billion, up 8.1 percent from the first six months of 2016. Single-family MBS accounted for a hefty 75.1 percent of total issuance so far in 2017, with non-mortgage ABS (13.2 percent) and commercial MBS (11.7 percent) making up the rest. But single-family turned...[Includes three data tables]


July 7, 2017 - IMFnews

MBS/ABS Production Faltered Slightly in 2Q17, but Some Sectors Bucked the Trend

It was the slowest agency refi market since the third quarter of 2014…


July 6, 2017 - Inside Mortgage Finance

FHFA Proposes Modest Changes to Low-Income Single-Family, Multifamily Purchase Goals

The Federal Housing Finance Agency proposed minor revisions to its single-family and multifamily housing goals for 2018 through 2020 to push Fannie Mae and Freddie Mac to continue helping low-income borrowers. The FHFA acknowledged that Fannie and Freddie are challenged when it comes to making credit available for the low-income market. Both government-sponsored enterprises have fallen short of the market in the low-income and very low-income purchase goal almost every year since 2013, the regulator noted. Most of the single-family goals would remain...[Includes one data table]


July 6, 2017 - Inside Mortgage Finance

Will Rep. Hensarling Go Along With Evolving Housing-Finance Reform Effort in the Senate?

Late last month the Senate Banking, Housing and Urban Affairs Committee showed a new willingness to tackle housing-finance reform legislation and the fate of Fannie Mae and Freddie Mac, but the wild card remains how its bipartisan solution will go over in the House. Rep. Jeb Hensarling, R-TX, the chairman of the House Financial Services Committee, is no friend of the two government-sponsored enterprises and has leaned toward minimizing the government’s role in the market. Based on his past legislative efforts regarding GSE reform, the conservative from Texas would love...


July 6, 2017 - Inside Mortgage Finance

Fannie/Freddie Business Volume Down Sharply In 2Q17 as Refinance Market Hit the Skids

Fannie Mae and Freddie Mac saw a 13.1 percent drop in new business in their flagship single-family mortgage-backed securities programs during the second quarter, according to an exclusive analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises issued a combined $189.70 billion of single-family MBS during the April-June cycle. It was their weakest quarter since early last year, although year-to-date volume was still up 4.3 percent from the first half of 2016. As widely predicted, the decline was...[Includes three data tables]


July 6, 2017 - IMFnews

Fed Governor Powell: It’s Now or Never on GSE Reform

The Fed governor noted: “The risk that we’ll settle into this current situation for the long run is very great.”


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