After the recent extraordinary show of force defending changes to LLPAs by federal regulators and their friends, the forest through the trees risk remains in focus to me.

One of the great concerns I have, as both a former regulator and the former head of a major industry trade association, is the downside risk of keeping the GSEs in conservatorship any longer. For me, it’s really a question about the lesser of two evils.

What’s the greater risk to housing: an endless series of FHFA directors who change seats with each political details ⇒

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