I think they're getting out of the mortgage business, and into the credit rating business. Check out the Consumer Protection Financial Bureau. It's a new federal bureaucracy that will, among other things, oversee credit rating agencies and insure that the make appropriately "racially sensitive" adjustments to people's credit ratings. They're still going to "redistribute the wealth", they're just going to make the banks eat the losses.
DING DING DING!! Winner!!! Wish I had seen your post before I responded. You nailed it.