We continue to hear reports that Federal Deposit Insurance Corp. may peel off a large chunk of residential whole loans at its receiverships and issue a security backed by the notes. At press time the agency had not returned telephone calls about the matter. Investment bankers familiar with the agency's plans say the situation is still somewhat fluid. Meanwhile, in a few weeks Joe Falk's term as a member of the Federal Reserve's Consumer Advisory Council will be up. He was the only loan broker on the CAC and a new broker rep has not been named. Is the Fed trying to send a signal to the broker community? As one loan broker told me: "Interesting how they seek to limit our compensation, but don't believe we deserve a seat at the table"...
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