2024 Supervisors Symposium

Mortgage Markets and Regulation Jason Cave Principal, Piedmont Risk Advisors, LLC

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Elections Have Consequences…

• And they are particularly acute in the mortgage finance space • FHFA is now a political agency for all intensive purposes • Expect turnover in key CAREER STAFF positions in addition to Director • FHFA as Conservator DIRECTS (not supervises) virtually actions of the GSEs from approving Executives and Board to business operations such as setting loan pricing, product returns, and credit risk standards • Pendulum swing from Calabria (GSE exit 24/7) to Thompson (equitable housing) was significant, and will likely swing back. • And we are talking about $9 trillion in MBS guarantees. Big Book.

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