The Institutional Risk Analyst

In an earlier issue of The IRA, we noted that one reason that the GSE shares may be suffering is that the Trump Administration is apparently wrestling with how to take Fannie Mae and Freddie Mac out of conservatorship.

Why is Secretary Bessent talking publicly about Powell or the Fed at all? How does this squawking enhance the credibility of the Trump Administration or the U.S. Treasury?

Yellen's proposal for a backstop is merely a canard to help Treasury avoid another fiasco next time a Ginnie Mae issuer fails

If JPM, PFSI or UWMC want to pay the government to wrap conventional MBS in a “AA+” sovereign rating, why should the Treasury say no?

The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...

After years of FOMC-induced asset price inflation, does the housing market really need more help?

The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...