Yes - it is unfortunate that Toomey was not the Chair of the Senate Banking Committee. Listened to the whole hearing which was on the short side - it is clear the Republicans smell woke Admin Action potential and are pushing back against the work moves the FHFA have already made. Douglas Holtz - Eakin made some good points about how the Fed's decision to buy MBS just aggravated housing affordability issues. The Fed was buying $ 30 bn per month - now the Fed is selling $ 30 bn per month or a $60 swing widening out mortgage spreads. Lawrence Yun from the National Association of Realtors said mortgage payments are up 50 to 60 pct since the bottom due to interest rate moves and mortgage spread widening.
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