Christopher Whalen

Not only is FHFA Director Mark Calabria preparing the GSEs to raise capital, but he must also help them decide just what they are selling to private investors in the way of equity returns and risk.

The history of riskier lending over the last half century can offer lessons for today's market.

FHFA Director Mark Calabria stated that he was directing the GSEs to "add liquidity" to the markets, but the actions of the FHFA say precisely the opposite.

FHFA head Mark Calabria and his FSOC counterparts need to sit down with the Treasury and fashion an emergency capital plan for the GSEs.

Simply stated, the federal forbearance of mortgage payments is perhaps the largest unfunded public mandate in American history.

A number of proposals have been floated for debt payment holidays and other types of moratoria, but such approaches offer solutions that are worse than the problems.

With the return of volume and profitability to mortgage lending, it is no surprise that commercial banks are coming back to the market.

To paint nonbanks as a source of systemic risk, particularly given the track record of commercial banks in causing the 2008 subprime mortgage fiasco, seems absurd.

The fact that the more operationally skilled nonbanks have come to specialize in government mortgages is hardly surprising if you assess the cost to originate and service these loans.

For the private-label mortgage-backed securities market to grow, regulators need to focus on collateral management in addition to changes to data disclosure rules.