Honestly, during the past three years they required all those employees to meet demand (purchases and refis), now that the housing market is moving more towards historical norms, layoffs are inevitable.
Impact to the GSEs will be felt, but not significantly, profits were significant prior to the housing Boom.
I am more concerned with the eternal conservatorship, possibility of FHFA and Treasury simply eliminating Jr Preferreds and commons, giving money to low income housing, erc.
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