The Bad (for the GSE's): Fannie Mae and Freddie Mac are so large, that when they screw things up, it's too late to do anything about it for another decade or two. So, if you don't like these organizations and you think they are headed in the wrong direction, THEN you just set back and wait for their proposed regs to materialize, then beat up on them for the next decade or so.
The Good (for the GSE's): Fannie Mae and Freddie Mac, with their new somewhat flexible form format, will be able to implement changes somewhat faster in the future.
What they still get wrong and can't help themselves get right for the love of God Almighty: Absolute quantitative or qualitative measurements are meaningless when it comes to Market Value. Market Value depends on local competitive forces and differences in quantity and quality, which are relative differences and relative values. Like a contest, ranking is the all-important determinant. The buyer goes out into his desired market area, compares the positive and negative features of each potential sale property, and then chooses a winner. And, oh, the quantity/quality differences can be so small, YET due to competition from other buyers, the price differences resulting from these minor quantity/quality differences - so large.
So, yes, ranking - non-parametric statistics. And idiots.