``In the post-2008 environment where the GSEs sue the banks over trifles like lying about their underwriting standards and the fact that the miscreants were unemployed and/or dead, the banks need to do more to grease that move from GSE pool to homeowner. And more intermediation value-add means more money for intermediaries. The Fed's reducing the cost of GSE pool money, in an environment where banks are still figuring out how to move that money to homeowners and how much of it to keep for themselves, does seem like a nice opportunity for those banks to keep more for themselves.''

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