I am going to be controversial here. The GSEs have become more aggressive in their levels of buybacks with lenders. I say this without the benefit of the specific data, and I would love to see some from Fannie Mae and Freddie Mac, or the FHFA, but in the absence of that, I have interviewed a wide variety of lenders, all IMBs, and the feedback is consistent.

Lenders are mad. They feel like the GSEs are not being consistent with commitments made in recent years about materiality and options for remediation. And they fear retribution if they details ⇒

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