You keep stumbling over pebbles on the way to misunderstanding. The loan to value ratios and qualifications were a Barney Freak invention that passed in Sept 2009 just when refi-ing those bad loans might have helped fringe players in the mortgage game that still had jobs. They barred to the door to too many bad loans too late.
All Fed loan makers have to do is roll back those standards to make a few more ineligible eligible, which was the reason why Freddy and Fannie exist. Frankly, you don't cure the blood loss, by locking up the blood bank, so it makes sense.
This is a Freddy Fannie Presidential discussion and action, not a Congressional one, so Oblamer doesn't have to pull his Boehner to get this moving.
On the other hand, REITS have backed off 30% since the peak--where else would you go for this kind of yield?
So chill out, sell some covered calls, and average down.