Fed bailout of government mortgage insurers

The Fed Now Owns Nearly One Third of All US Mortgages

Balance sheet, a third of which are mortgage backed securities:

Jump in Early-Stage Delinquencies Leads to Highest Overall Delinquency Rate in Over Four Years

Here is the rate at which mortgages are headed toward delinquency:

Fed taxes are going up higher than even I thought.  Banking will collapse.  Congress is not taking the hit on this all by itself, this will be seigniorage taxes all that way, and my estimate of those taxes are 150 billion and counting.  All if it will hit the regulated banking sector.

This is why Powell talks in code about inflation.  He wants Treasury, via Congress, to accept some of these loses.