This stress test is assuming credit losses about a quarter of the size of the stress test 2 years ago, and much smaller than the last crisis (0.56% vs. 2% vs. 1

This stress test is assuming credit losses about a quarter of the size of the stress test 2 years ago, and much smaller than the last crisis (0.56% vs. 2% vs. 1.4%). Does anybody know if something has structurally improved in the Fannie/Freddie portfolios, or whether the testers are just less pessimistic than they were 2 years ago? [1] http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2016_DFAST_Severely-Adverse-Scenario.pdf http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2016_DFA... [2] http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/GSEFinProj2014FINAL.pdf http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/GSEFinPr... [3] https://online.wsj.com/public/resources/documents/irasohnfinal2014.pdf https://online.wsj.com/public/resources/documents/irasohnfin...