GSEs Must Finance the Default Wave

National Mortgage News, Apr. 13, 2020–Christopher Whalen (subscription)
The author, chairman of Whalen Global Advisors, says the best thing FHFA can do is to allow the GSEs to operate exactly the way they did before this crisis began — buy loans out in normal course and focus on bringing liquidity to a broad cross section of smaller issuers in the conventional ecosystem. The big banks and nonbanks can handle the load, but only if FHFA Director Mark Calabria stops attacking the industry in public.