" The FHFA is blowing smoke at us. Their default rate looks good by comparison because they are not recognizing losses. They are just rolling them forward. They have done $70billion already and now that they have it figured out they will continue the process. How much of the 5% annualized rate should go on top of their stated numbers? Over time, more than half . The Agency default rate is understated in the report as a result."

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