<p>This commentary explores the growing tension between Federal Reserve policy, liquidity management, and emerging risks in the mortgage market, as panelists unpack rangebound rates, the limits of economic data, and concerns around leverage, fraud, and regulatory inconsistency. Drawing parallels to lessons from <em>The Big Short</em>, the discussion highlights how abundant reserves, yield-curve dynamics, and opaque policy decisions may be masking deeper systemic vulnerabilities. While optimism remains for lower rates in the years ahead, the conversation underscores the importance of discipline, transparency, and enforcement to prevent history from repeating itself in the mortgage and housing finance system.</p>