As the mortgage market continues to absorb the details of the accord recently reached by Representative Richard Baker (R.-La.) and the government-sponsored enterprises, questions are arising from observers regarding how some of the more nebulous nuances of the plan will be implemented and what role the Office of Federal Housing Enterprise Oversight will play as the plan goes forward.
"This is not a treaty. This is an agreement to draft a treaty," said Michael Youngblood, managing director of real estate at Bank of America. "Now who is going to draft it?"