The May-June issue examines (i) the improving U.S. economy and its potential impact on the Fed’s monetary policy; (ii) the global risk factors that imperil the global economy; (iii) the extraordinary high levels of non-financial business debt—one of the unintended consequences of ZIRP; (iv) the administration’s efforts to transform government, including reforming of Fannie Mae and Freddie Mac and modernizing FHA and Ginnie Mae; and (v) the digitization of the mortgage lending process and how that space is being reinvented.

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