As policymakers mull the future of U.S. mortgage policy, Federal Housing Finance Agency chief Edward DeMarco sees a potential starting point in an entity he does not regulate: the Federal Housing Administration.

As part of an update on recent FHFA activities, DeMarco, the agency's acting director, told a gathering of policy leaders that figuring out the FHA's role in a future housing finance system could help frame the debate over the extent of the government's long-term involvement in mortgage lending.

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