8 See Financial Stability Oversight Council (2020), “Minutes of the Financial Stability Oversight Council: March 26, 2020” (Washington: FSOC), https://home.treasury.gov/system/files/261/March_26_2020.pdf. 7  - 11 factors suggest that the optimal regulatory framework for mortgage companies should differ from that of banks.
These are difficult questions, and a casual observer might wonder if it is really necessary to grapple with them, especially as the industry appears to have successfully weathered the strains of the past few months. But I would argue that this “success” was reliant on rising home prices, low defaults, and massive fiscal and monetary stimulus.