I read a great piece recently by Bill Cosgrove on Housing Wire. You’ll recall that Bill served as MBA’s Chairman not too long ago. Bill is on-point when he says that many of the recent changes allowing small lenders better access to the GSEs didn’t/couldn’t happen until FHFA’s powers expanded as conservator. We also agree on the point that the current model for the GSEs (under conservatorship) is simply unsustainable.
The bottom line is that the “big boys” are usually able to win the most access when the small guys don’t have any protections. That’s the way it was until 2008…and yet, we quickly forget. Be sure to have a look at Bill’s thoughtful piece.