FHFA vs FHA: Here we go again…

By Ryan Bolger
29 Jan 2015

The US’s Federal Housing Finance Agency and the Federal Housing Administration are locked in yet another round of fisticuffs, with market share as the prize. If the private label RMBS market is to return, the government needs to stop hitting itself.

A race to the bottom by the FHFA and the FHA not only increases systemic risk — it also undercuts the US Treasury’s efforts to revitalise the private label market by decreasing the supply of loans that could serve as collateral in a benchmark private transaction.

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