These stress test results are just slamming the barn door after the horse has left already. The housing market was undervalued in 2011 and the loans were pristine in underwriting. Let's deal with real life not imaginary scenarios! What were the charge-offs or actual losses in any one quarter in the the greatest decline in housing ever in this country? I will check back , I doubt they averaged more than 4 billion per quarter. Keep in mind that the Gse's earn more than 3 billion per quarter in net interest income -real cash! Let's be conservative and not count that though! 76 billion at Fannie was enough to cover 18 more quarters or 4 years! of the worst recession in housing history. If the yanks are ahead by 6 runs in the top of the ninth, I am not telling my closer to start warming up in the bull pen if I am the manager of the Yanks.
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